Rep. Hill Critiques Gensler, Calls for New SEC Leadership by 2025

In a recent session on the Think Crypto Podcast, US Representative French Hill shared his vision for a new leadership at the US Securities and Exchange Commission (SEC) in 2025, highlighting the critical role of innovation in the digital asset sector.

Hill, a dedicated supporter of cryptocurrencies, also openly discussed the possibility of substantial regulatory changes, irrespective of the results of the forthcoming presidential election between former President Donald Trump and Vice President Kamala Harris.

Prospects of the FIT 21 Bill Amid Increasing Bipartisan Support

During the podcast, Hill initially talked about the potential for the FIT 21 Bill, which seeks to create a comprehensive regulatory framework for digital assets in the US.

While the Republican acknowledged the unpredictability of legislative dynamics, Hill pointed out a growing bipartisan backing among legislators, which might nurture a more conducive atmosphere for cryptocurrencies.

Hill also emphasized Trump’s support for digital assets, noting the former president’s involvement in the 2024 Bitcoin National Convention in Nashville.

According to Hill, this commitment has encouraged the Harris campaign to actively engage with pro-innovation Democrats, possibly paving the way for progress on legislation like the FIT 21 Bill.

If the FIT 21 Bill does not succeed in passing by the end of this year, Hill remains hopeful about the reintroduction of pro-crypto legislation in early 2025. He expects a significant turnover in the House, with over 60 new members anticipated post-November elections, indicating that the groundwork laid by crypto advocates and lawmakers over the past four years will be fruitful.

Rep. Hill Highlights a Strong Pro-Crypto Candidate for SEC

Hill also touched on the concept of Bitcoin as a US reserve asset, a proposal backed by Trump and Senator Cynthia Lummis to tackle the national debt, currently estimated at $35 trillion.

While the Representative acknowledged that the practicality of this suggestion remains uncertain, Hill supported Trump’s advice for the US Treasury to maintain its Bitcoin assets, a majority of which are derived from the seizure of the Silk Road marketplace.

In addressing Trump’s comments about the potential for firing SEC Chair Gary Gensler if he returns to the White House, Hill clarified that the SEC is an independent agency and that Gensler’s term is set to last until 2026. Nevertheless, Hill noted that it is common practice for new presidents to ask executive officials to resign.

Hill further critiqued Gensler’s management and leadership over the past years, particularly regarding his stance on cryptocurrencies. He suggested that a future administration should appoint a leader more aligned with pro-innovation initiatives in 2025.

Interestingly, the Republican leader also mentioned Commissioner Hester Peirce, affectionately known in the industry as “Crypto Mom,” as a strong candidate for SEC Chair; Hill remarked that she would excel as SEC Chair.