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The crypto industry and American lawmakers are calling for Gary Gensler to step down from his role at the Securities and Exchange Commission (SEC) in 2025.
Calls for New SEC Leadership
Representative French Hill has voiced that the U.S. SEC should undergo a leadership change next year, independent of the party in control of the White House. Hill and other Republican policymakers have long criticized Gensler for the SEC’s perceived failures and his reluctance to establish a clear regulatory framework for digital assets.
Scrutiny of Gensler’s Approach
Gensler’s handling of digital assets and blockchain technology has faced significant scrutiny, especially as the U.S. experiences increased crypto adoption. According to Chainalysis, the U.S. ranks fourth on the Global Crypto Adoption Index.
Rep. Hill emphasized that Gensler’s “fear-mongering” tactics at the SEC are unconstitutional and misuse the agency’s regulatory powers. He argued that the securities regulator should offer exemptive relief for emerging industries like crypto and adopt a pro-innovation stance.
Chairman @RepFrenchHill: No matter who is elected president, @GaryGensler should be replaced as chair of the @SECGov.
Commissioners’ Discontent
SEC Commissioner Hester Peirce echoed similar sentiments during a full Congressional hearing. With all SEC commissioners present for the first time since 2019, Peirce expressed disappointment in the SEC’s faux registration initiatives. Hill also criticized the registration pathway as inefficient and dishonest.
Future Uncertainties
Gensler’s future at the SEC remains uncertain as the U.S. presidential election approaches. Despite being a Democratic appointee, Gensler might receive support from the White House if Vice President Kamala Harris wins. However, Harris has been advised to replace Gensler to improve crypto relations.
Republican candidate Donald Trump has stated he would remove Gensler immediately if he takes office. Rep. Hill noted that it is common for new presidents to encourage resignations from some agency heads upon taking office. If Trump is re-elected, he could potentially remove Gensler in January next year. Otherwise, Gensler’s term is set to last until 2026.
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