- SEC Commissioner Hester Peirce, known as “Crypto Mom” for her pro-crypto views, is a rumoured candidate to succeed Chairman Gary Gensler, especially after former President Trump’s pledge to replace Gensler if reelected.
- Peirce has been a strong critic of Gensler’s approach to cryptocurrency regulation, advocating for clearer guidelines rather than enforcement through legal cases, as expressed in her recent dissenting opinion.
- The appointment of a new SEC chair could significantly impact crypto policy direction, with Republicans favouring innovation-friendly regulations and Democrats focusing on consumer protection.
Hester Peirce, Commissioner of the US Securities and Exchange Commission (SEC) and known as “Crypto Mom” for her pro-crypto stance, is rumoured to be a candidate to replace Chairman Gary Gensler following the US elections. This aligns with former President Trump’s pledge to remove Gensler if re-elected, although a formal dismissal would require legal justification.
Related: Ripple Prepares for Prolonged Legal Fight as SEC Requests Extension to January 2025
Welcome, Crypto Mom
Peirce, or Crypto Mom, has become a prominent critic of Gensler’s regulatory stance, advocating instead for clearer guidelines for digital assets. In a recent dissenting opinion with fellow Commissioner Mark Uyeda, she voiced her disapproval of Gensler’s approach, stating:
Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.
Hester Peirce, SEC CommissionerPeirce has a deep background in finance and regulation and her career includes research work on market regulation at George Mason University, advisory roles for the Senate Committee on Banking, and experience as an SEC attorney and private associate.
Her nomination to the SEC in 2016 by former President Obama further solidified her influence, especially as a voice for balanced regulation in crypto, even when crypto wasn’t treated as a legitimate asset class at the time.
Other Potential Successors
Let’s do a quick rundown on Gensler’s potential successors:
- Hester Peirce (“Crypto Mom”): Known for her pro-crypto views, Peirce is popular among crypto advocates. She has criticised Gensler’s approach and is seen as a strong candidate, though she may leave the SEC after her term ends in 2025.
- Chris Giancarlo (“Crypto Dad”): Former CFTC head, Giancarlo is recognised for his support of Bitcoin futures and digital dollar initiatives. His regulatory background and industry support make him a strong contender.
- Chris Brummer: With Democratic ties and crypto regulatory experience, Brummer could represent a balanced approach under a Harris-led administration. He recently founded Bluprynt to support compliance in crypto.
Oh, and even Mark Cuban said he’s willing to take on the role as SEC chair if Kamala Harris wins the US elections. Yet, Cuban mostly expresses what many of us crypto folks have been so public about: someone, please, someone replace Gary Gensler.
Oh well, you know the SEC. They love suing and sending Wells notices to people and crypto companies. They even did it with an Australian Web3 platform, Immutable.
Related: Ripple CEO Says SEC Lost Battle on Crypto Amid Third Company Filing for XRP ETF
Whoever gets picked, appointing a new SEC chair could signal a shift in crypto policy, as Republicans generally advocate for innovation-friendly regulation, while Democrats lean towards consumer protection, so we’ll see how that plays out.
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