By crypto.news | Created at 2024-10-24 18:18:44 | Updated at 2024-10-24 20:14:23
2 hours ago
Crypto industry participants and American lawmakers believe Gary Gensler should leave the Securities and Exchange Commission in 2025.
Representative French Hill said the U.S. SEC should see new leadership next year, regardless of which party controls the White House. Hill and other Republican policymakers have frequently criticized Gensler for the SEC’s failures in recent years and for refusing to provide a clear digital asset regulatory framework.
Gensler’s approach to digital assets and blockchain has come under particular scrutiny as the U.S. has seen an uptick in crypto adoption. According to Chainalysis, America ranks fourth on the Global Crypto Adoption Index.
Rep. Hill stressed that Gensler’s “fear-mongering” at the SEC is unconstitutional and a waste of the agency’s regulatory authority. The Arkansas politician said the securities regulator should employ exemptive relief for new industries like crypto and adopt a pro-innovation stance.
SEC commissioner Hester Peirce shared similar thoughts during a full Congressional hearing. With all SEC commissioners in attendance for the first time since 2019, Peirce expressed disappointment at the SEC faux registration olive branch. Hill added that the registration pathway was inefficient and dishonest by the SEC.
Gensler’s future at the securities watchdog remains uncertain as the U.S. presidential election approaches. As a Democratic party appointee, Gensler may receive more White House support if Vice President Kamala Harris wins.
Nevertheless, Harris has been advised to remove Gensler from the commission and repair crypto relations with new leadership.
Conversely, Republican pick Donald Trump said he would sack Gensler immediately if he takes office. As Rep. Hill noted, it’s common for new presidents to encourage resignations from some agency heads after taking office.
If Trump is re-elected, his first chance to remove Gensler will likely occur in January next year. Otherwise, Gensler’s tenure is set to run until 2026.
