U.S. Representative French Hill (R-AR) said in an interview with the Thinking Crypto podcast that the SEC should have new leadership next year—regardless of which party controls the White House.

Hill and other Republican lawmakers have criticized Gensler for the SEC’s actions in recent years and for not providing a clear regulatory framework for digital assets.

Gensler’s approach to digital assets and blockchain has faced scrutiny as the U.S. experiences increased cryptocurrency adoption. The U.S. ranks fourth on the 2024 Global Crypto Adoption Index by blockchain analytics firm Chainalysis, following India, Nigeria and Indonesia.

Rep. Hill said Gensler’s “fear-mongering” at the SEC is unconstitutional and misuses the agency’s regulatory authority. He suggested that the SEC employ exemptive relief for new industries like cryptocurrency and adopt a pro-innovation stance.

The comments follow Ripple Labs’ CEO Brad Garlinghouse recent prediction that Gensler would leave his seat at the SEC. According to the businessman, the SEC’s chairman will soon change regardless of the results of the elections.

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Author: Adrian Zmudzinski