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Sujit Kumar
Oct 25, 2024
by Sujit Kumar

Rep. French Hill Calls for New SEC Leadership and Pro-Crypto Approach

SEC leadership
U.S. Representative French Hill (R-AR) has voiced his belief that the U.S. Securities and Exchange Commission (SEC) should have new leadership in 2024, regardless of the party controlling the White House. In an interview on the Thinking Crypto podcast, Hill, alongside other Republican lawmakers, criticized current SEC Chairman Gary Gensler for his handling of cryptocurrency regulation.

Gensler’s Crypto Approach Under Fire

[embed]https://TWITTER.com/ThinkingCrypto1/status/1849489960581161351[/embed]

Gensler's tenure at the SEC has attracted scrutiny amid the rapid adoption of digital assets in the U.S., which now ranks fourth on Chainalysis’ 2024 Global Crypto Adoption Index. Hill stated that Gensler's “fear-mongering” approach misuses regulatory authority and hampers innovation, emphasizing the need for the SEC to provide exemptive relief and a more pro-innovation framework for emerging industries like cryptocurrency. Recently, Ripple Labs CEO Brad Garlinghouse also predicted Gensler’s potential departure from the SEC, regardless of the upcoming election results.

Political Tensions Heighten Over Gensler's Role

In a recent Senate session, Gensler faced intense criticism for his crypto policies. Rep. Tom Emmer went so far as to label him the “most historically destructive or lawless Chairman” of the SEC, underscoring bipartisan frustration with the agency's approach to crypto regulation. Additionally, Gensler denied knowledge of “Operation Choke Point 2.0,” a theory suggesting a coordinated government effort to stifle the U.S. crypto industry.

With the U.S. presidential election nearing, Gensler’s role remains in question. If Republican nominee Donald Trump wins, he has pledged to remove Gensler immediately. However, if Vice President Kamala Harris secures the presidency, she may be pressured to reconsider Gensler's position, given donor interest in revamping the SEC’s leadership to foster better relations with the cryptocurrency sector.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Rep. French Hill Calls for New SEC Leadership and Pro-Crypto Approach
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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