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Trump’s reference above to a “crypto crackdown” likely centers on the Securities and Exchange Commission (SEC), which has pursued an aggressive string of enforcement actions following FTX’s collapse in 2022. Bent against noncompliance with securities laws among industry participants, SEC Chair Gary Gensler has become increasingly targeted by Trump, too. When Trump said he was “good” with crypto in May—signaling his shift from skeptic to defender—the former president presented himself as a foil to President Joe Biden and Gensler. Trump claimed the duo, along with other Democrats, “are very much against” crypto. The former president later vowed to “fire Gary Gensler” if reelected at a recent Bitcoin conference in Nashville—hands down garnering the loudest cheers during his speech. However, Gensler’s term is slated to run through 2026, and Trump does not have the authority to remove Gensler from his position without cause. “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” Trump vowed in Nashville. “It will end. It will be done.”