Rep. Hill Slams Gensler’s Approach To Crypto Regulation, Demands New SEC Chair In 2025

In a recent interview on the Think Crypto Podcast, US Representative French Hill expressed his vision for a new leadership at the US Securities and Exchange Commission (SEC) in 2025, emphasizing the importance of innovation in the digital asset space. 

Hill, a long-time advocate for cryptocurrencies, also spoke candidly about the potential for significant regulatory shifts, regardless of the outcome of the upcoming presidential election between former President Donald Trump and Vice President Kamala Harris.

FIT 21 Bill’s Prospects Amid Growing Bipartisan Support

During the interview, Hill first addressed the possibility of passing the FIT 21 Bill, which aims to establish a comprehensive regulatory framework for digital assets in the US. 

While the Republican acknowledged the unpredictability of legislative processes, Hill noted a growing bipartisan support among lawmakers, which could foster a more favorable environment for cryptocurrencies. 

Hill also underscored Trump’s advocacy for digital assets, pointing to the former president’s participation in the 2024 Bitcoin National Convention in Nashville. 

According to Hill, this commitment has spurred the Harris campaign to engage more actively with pro-innovation Democrats, potentially paving the way for advancements in legislation like the FIT 21 Bill.

Should the FIT 21 Bill fail to pass by the end of this year, Hill remained optimistic about reintroducing pro-crypto legislation in early 2025. He anticipates a significant shift in the House, with over 60 new members expected following the November elections, suggesting that the groundwork laid over the past four years by crypto advocates and lawmakers will bear fruit.

Rep. Hill Identifies Promising Pro-Crypto Candidate For SEC

Hill also discussed the notion of Bitcoin as a US reserve asset, a proposal that Trump and Senator Cynthia Lummis championed to address the national debt, which currently stands at $35 trillion. 

While the Representative acknowledged that the viability of this idea remains uncertain, Hill backed Trump’s recommendation that the US Treasury hold on to its Bitcoin holdings, many of which stem from the seizure of the Silk Road marketplace.

When addressing Trump’s remarks about potentially firing SEC Chair Gary Gensler upon returning to the White House, Hill clarified that the SEC operates as an independent agency and that Gensler’s term extends until 2026. However, Hill noted that it is common for incoming presidents to invite executive officials to resign. 

Hill further criticized Gary Gensler’s performance and leadership over the past years, particularly regarding his approach to cryptocurrencies. He suggested that a future administration appoint a leader more aligned with pro-innovation policies in 2025. 

Interestingly, the Republican leader also highlighted Commissioner Hester Peirce, affectionately known in the industry as “Crypto Mom”, as a strong candidate for SEC Chair; Hill noted that she would do a “terrific” job as SEC Chair. 

Featured image from DALL-E, chart from TradingView.com