As a seasoned crypto investor with a keen eye for regulatory developments, I find myself closely watching the unfolding drama at the SEC. Gary Gensler’s tenure has been marked by a tumultuous relationship with the crypto industry, and it seems that his days as chairman may be numbered.
It is widely suggested by players within the cryptocurrency sector and U.S. legislators that Gary Gensler may step down from his role at the Securities and Exchange Commission in 2025.
French Hill, a representative, has suggested that the U.S. Securities and Exchange Commission (SEC) may need new leadership next year, irrespective of who is occupying the White House. Hill, along with other Republican policy-makers, has often voiced disapproval towards Gensler due to the SEC’s perceived shortcomings in recent times and for not establishing a clear regulatory structure for digital assets.
The way Gensler handles digital assets and blockchain technology has been subject to closer examination due to the rise in cryptocurrency usage within the United States. As per Chainalysis, the U.S. is ranked fourth globally in terms of crypto adoption.
Representative Hill argued that Gensler’s actions at the SEC, which he labeled as “alarmist,” are unconstitutional and misuse the agency’s regulatory power. The legislator from Arkansas suggested that the securities regulator should grant exemptions for emerging sectors such as cryptocurrency and adopt a supportive approach towards innovation.
🚨Representative French Hill’s statement: Regardless of who wins the presidency, Gary Gensler should step down as chair of the Securities and Exchange Commission.
— CryptoLaw (@CryptoLawUS) October 24, 2024
During a recent congressional hearing, SEC Commissioner Hester Peirce echoed similar sentiments. All commissioners were present for this meeting, marking their first gathering since 2019. In essence, Commissioner Peirce voiced her dissatisfaction with the SEC’s gesture of offering an olive branch through a questionable registration process. Furthermore, Representative Hill pointed out that this registration pathway was both inefficient and deceitful on the part of the SEC.
The future of Gensler’s role at the securities regulator is unclear as the U.S. presidential election nears. If Vice President Kamala Harris, who is affiliated with the Democratic party, were to win, it could potentially mean more backing from the White House for Gensler.
Despite the advice, it’s suggested that Harris should replace Gensler on the commission and work towards mending crypto relationships with fresh leadership.
In a different way of saying it, if elected, Donald Trump (the Republican candidate) has stated that he will dismiss Gary Gensler as soon as he assumes office. This is a typical practice for incoming presidents who often ask for the resignation of certain heads of agencies once they take office. As Rep. Hill pointed out.
Should Trump secure a second term, I anticipate that my opportunity to dismiss Gensler may present itself in January of the following year. Conversely, if Trump doesn’t win re-election, Gensler’s term will continue through to the year 2026.
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2024-10-24 21:16