SEC’s Gensler should resign by 2025: Rep. Hill

Crypto industry participants and American lawmakers believe Gary Gensler should leave the Securities and Exchange Commission in 2025.

Rep. 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 its refusal to provide a clear digital asset regulatory framework.

Gensler’s approach to digital assets and blockchain has come under particular scrutiny as the US sees a surge in cryptocurrency adoption. According to Chainaliz, America ranks fourth in the Global Crypto Adoption Index.

Rep. Hill emphasized that Gensler’s “fearmongering” at the SEC is unconstitutional and a waste of the agency’s regulatory authority. The Arkansas politician said the securities regulator should impose exemptions for new industries like crypto and adopt a pro-innovation stance.

SEC commissioner Hester Peirce shared similar sentiments during the full Congressional hearing. With all SEC commissioners in attendance for the first time since 2019, Peirce expressed disappointment with the SEC’s fake olive branch record. Hill added that the registration route was deemed inefficient and dishonest by the SEC.

As the U.S. presidential election approaches, Gensler’s future at the securities watchdog remains uncertain. Gensler, a Democratic appointee, could get more support from the White House if Vice President Kamala Harris wins.

Still, Harris was advised to remove Gensler from the commission and repair crypto relations with new leadership.

In response, Republican candidate Donald Trump said he would immediately dismiss Gensler if he took office. As Representative Hill noted, it is common for new presidents to encourage some department heads to resign after taking office.

If Trump is re-elected, his first chance to unseat Gensler will likely occur in January of next year. Otherwise, Gensler’s term is planned to continue until 2026.