SEC leadership is under pressure and could change in 2025, says deputy

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SEC leadership is under pressure and could change in 2025, says deputy
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United States Congressman French Hill, from the Republican Party, declared in an interview with the Thinking Crypto podcast that he expects a renewal in the leadership of the United States Securities and Exchange Commission (SEC) in 2025, regardless of who assumes the presidency of the country.

Hill, along with other members of his party, has been criticizing Gary Gensler’s performance at the head of the SEC, especially due to the lack of clarity in the regulation of digital assets.

Gensler’s stance towards the cryptoactive sector and blockchain technology has been the target of criticism, in a context of increasing adoption of cryptocurrencies in the USA. The country ranks fourth in the 2024 Global Cryptocurrency Adoption Index, according to Chainalysis, behind India, Nigeria and Indonesia.

The congressman argues that Gensler, by adopting what he calls “alarmism”, would be using the SEC’s powers unconstitutionally. Hill further suggested that the SEC should adopt an approach that encourages innovation and offers regulatory exemptions for new industries such as cryptocurrencies. Recently, Brad Garlinghouse, CEO of Ripple Labs, also predicted that Gensler will step down regardless of the election result.

SEC must have a change of command

At a hearing in late September, Gensler appeared before the Senate to discuss his work leading the SEC. During a session that lasted around four hours, he faced a series of criticisms for his stance on cryptocurrency regulation and stated that he was not aware of the term “Operation Choke Point 2.0”, an alleged theory that accuses the government of acting against the crypto industry in the US.

The session saw strong statements from members of the House Financial Services Committee, mainly Republicans, who harshly questioned Gensler’s handling of issues related to cryptoassets. Representative Tom Emmer even called Gensler “one of the most destructive presidents” in the history of the SEC.

With the presidential election approaching, Gensler’s future remains uncertain. Hill commented that it is common for new presidents to request resignations from strategic posts when they take over the government. If current Vice President Kamala Harris is elected, Gensler will be able to continue in office with support from Democrats. However, there are calls from donors for her to appoint new leadership to improve dialogue with the crypto industry.

On the other hand, Republican candidate Donald Trump stated that, if elected, he would replace Gensler immediately. If he does not leave sooner, Gensler’s current term will end in 2026.

SEC leadership is under pressure and could change in 2025, says deputy

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SEC leadership is under pressure and could change in 2025, says deputy

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SEC leadership is under pressure and could change in 2025, says deputy

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