United States Representative French Hill, serving Arkansas’s 2nd congressional district, revealed to Cryptonews that Republican SEC Commissioner Hester Peirce might be the next acting chair of the U.S. Securities and Exchange Commission (SEC). Congressman Hill shared this insight during an exclusive interview at the North American Blockchain Summit (NABS) hosted by the Texas Blockchain Council in Dallas, Texas.
“When Gary Gensler steps down on January 20 next year, the Republican will take over as acting SEC chair. That could very well be Hester Peirce,” Hill stated.
Gensler’s Departure Confirmed
Gary Gensler recently announced his decision to step down as SEC Chair via social media platform X. He confirmed that his tenure would end on January 20, 2025.
Congressman Hill expressed disappointment in Gensler’s leadership, describing it as detrimental to the crypto ecosystem. Hill criticized Gensler’s “regulation by enforcement” approach, stating that the outgoing chair lacked coherence on crypto industry matters. He emphasized that resolving challenges in the U.S. crypto industry will require collaboration between Congress and the SEC to establish fair digital asset laws.
Hester Peirce: A Pro-Crypto Contender
Hester Peirce, widely known as “Crypto Mom,” is regarded as a leading advocate for cryptocurrency regulation at the federal level. Hill’s remarks align with Galaxy Digital CEO Mike Novogratz’s prediction that Peirce could assume the SEC Chair role. Novogratz also suggested Robinhood’s legal chief, Dan Gallagher, as a potential candidate.
Broader Criticism of Gensler’s Leadership
Minnesota Congressman Tom Emmer echoed Hill’s criticism of Gensler, calling his tenure “the worst thing ever for the crypto industry.” Emmer emphasized that the SEC’s mission should ensure broad access to capital markets, a goal he believes Gensler failed to achieve.
While Emmer refrained from naming a successor, he anticipated that Gensler’s replacement would adopt a more crypto-friendly stance. He also noted that President-elect Trump had likely influenced Gensler’s resignation.
Advancing U.S. Crypto Policy
Both Congressmen Hill and Emmer outlined their vision for advancing crypto policy under the Trump administration. Hill identified 2025 as a pivotal year for bipartisan legislation supporting blockchain innovation and a U.S.-backed stablecoin. He stressed the need for legal clarity to empower Web3 developers while protecting them from regulatory uncertainty.
Emmer, however, criticized existing stablecoin proposals, including one from Representative Maxine Waters, arguing that federal oversight undermines the state-based system crucial to U.S. innovation. He advocated for straightforward legislation focused on reserve requirements for stablecoins.
Reforming Bitcoin Taxation
Tax policy on Bitcoin remains a contentious issue for both congressmen. Hill called for consistent taxation, comparing Bitcoin to other assets. He pointed out the complications arising from its volatility, which can blur the line between capital gains and ordinary income.
Emmer emphasized the need for fairness in crypto taxation, warning that abrupt tax policies could harm Bitcoin holders. He called for collaboration with the crypto industry to develop equitable tax solutions, underscoring how taxes influence behavior.
Conclusion
As Gary Gensler prepares to exit the SEC, lawmakers like Hill and Emmer see an opportunity to reshape U.S. crypto policy. They advocate for balanced regulation, innovation-friendly laws, and fair taxation. With figures like Hester Peirce in consideration for the SEC Chair role, the crypto industry could see a more supportive regulatory environment in the near future
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