Rep. French Hill Calls for SEC Leadership Change in 2025

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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October 25, 2024

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With U.S. policymakers and crypto advocates increasingly critical of Gary Gensler’s approach to crypto regulation, calls are growing for a change in leadership at the Securities and Exchange Commission (SEC) by 2025.

Arkansas Republican Rep. French Hill has been one of the loudest voices, advocating for new SEC leadership regardless of who controls the White House after the 2024 elections.

“No matter who is elected president, Gary Gensler should be replaced as chair of the SEC,” Hill stated, adding that his stance reflects widespread dissatisfaction over the SEC’s digital asset policies under Gensler’s direction.

Hill and others argue that the current SEC leadership has embraced an excessively restrictive stance, hindering the U.S.’s competitiveness in emerging sectors like cryptocurrency.

Gensler, appointed by President Biden, has drawn criticism from Republican lawmakers who argue that his regulatory approach stifles industry growth.

Hill pointedly referred to Gensler’s tactics as “fear-mongering,” suggesting that a change in SEC leadership could bring a more supportive, pro-innovation stance to foster growth in digital asset markets.

French Hill Calls for New SEC Leadership

Like Hill, SEC Commissioner Hester Peirce has also publicly disapproved of Gensler’s approach, particularly regarding crypto industry oversight.

During a Congressional hearing, Peirce noted her disappointment with the SEC’s so-called registration pathway for digital assets, calling it inefficient and lacking in clear guidance.

Her remarks highlight the internal frustration at the SEC and the broader crypto community, which argues that current policies are stifling innovation and pushing companies to look outside the U.S. for regulatory support.

This internal divide suggests that some SEC officials question whether Gensler’s direction aligns with the agency’s mission to foster fair and efficient markets.

Peirce’s comments echo sentiments that a shift in SEC leadership could improve the regulatory environment for digital assets and restore trust within the industry

Political Stakes in 2024 and Ripple’s SEC Challenge

The future of Gensler’s tenure may hinge on the results of the 2024 presidential election.

Former President Donald Trump has made it clear that if elected, he would replace Gensler immediately.

Although Gensler’s term officially runs until 2026, a shift in White House control could prompt his early departure, a common occurrence for agency heads following an administration change.

If Democrats retain the White House, particularly with Kamala Harris as a potential successor, Gensler might continue to receive support.

However, even within Democratic circles, there is a growing sense that appointing a new SEC chair could improve relations with the crypto industry.

As calls for regulatory clarity and innovation-friendly policies shape discussions on Capitol Hill, Gensler’s tenure remains uncertain.

The SEC’s approach to XRP has fueled recent debates, with Ripple filing a C-appeal against the SEC’s continued classification of XRP as a security.

This situation reveals the complexity of regulatory challenges for crypto firms, reinforcing calls for a clearer framework.