Tron founder Justin Sun has offered Gary Gensler, the beleaguered chair of the U.S. Securities and Exchange Commission (SEC), a job.
The offer came to light in a recent X post, in which Sun expressed his willingness to hire Gensler provided he could “genuinely treat the crypto industry with sincerity.”
SEC Chair Gets a Lifeline
This unexpected invite comes as the crypto community is celebrating Donald Trump’s return to the White House. Since he was last president, Trump has repositioned himself as an avowed crypto enthusiast. During his campaigns, while soliciting support from the digital asset industry, he promised to fire Gensler on his first day back on the job.
The agency chief has often been viewed as a key antagonist of crypto, especially with his “regulation by enforcement” tactics. This has seen the SEC take more than 100 actions against the crypto sector, with the latest being a Wells notice against blockchain gaming platform Immutable (IMX).
Other companies that have found themselves in the regulator’s crosshairs include Crypto.com, Robinhood, ConsenSys, and Uniswap. As of September 2024, the SEC had fined more than $7 billion from crypto firms for various infractions.
According to reports, this year alone, the agency’s fines against virtual asset companies jumped 3,000% as it collected $4.2 billion amid a decision to ramp up enforcement measures against the industry.
The practice led to growing bad blood between the sector and the financial watchdog, with the crypto fraternity finally deciding to flex its political muscle to help elect lawmakers amenable to the assets. It resulted in the voting in of more than 260 pro-crypto legislators and Trump’s return to the Oval Office.
Could Gensler’s Time Be Over?
Given Trump’s previous statements regarding Gensler and the wave of crypto-friendly lawmakers elected to both chambers of Congress, the feeling is that the SEC chair’s time in office may come to an end soon.
Confirmed by the Senate on April 14, 2021, the former MIT professor’s five-year tenure doesn’t end until 2026. He has shown no indication of leaving his position regardless of the outcome of the just-concluded elections.
Also, despite his utterances, President Trump has limited power to remove Gensler. The SEC’s independence as a federal agency grants its commissioners protections against arbitrary removal. Even if a new chair were appointed, the 67-year-old would still remain a commissioner.
However, some within politics and crypto believe Gensler is not effectively fulfilling his duties. For instance, Senator Warren Davidson has called for the chair’s resignation over what he describes as a “long series of abuses.”
Sun’s job offer could be a possible way out if the Democratic appointee were to call time on his reign at the SEC.
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