Key Takeaways
- Trump plans to dismiss SEC Chair Gensler if elected in 2024, while Hester Peirce has emerged as a potential successor.
- Peirce has criticized Gensler’s crypto regulation and has support from the industry for her chairmanship.
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With the US elections underway, SEC Commissioner Hester Peirce has emerged as a potential successor to Chairman Gary Gensler.At the Bitcoin Nashville conference in July, former President Donald Trump pledged to dismiss Gary Gensler “on day one” of his presidency if reelected in 2024.However, such a dismissal would require proper cause, such as neglect or inefficiency, and the process including legal reviews could extend beyond a year.Peirce, nicknamed “Crypto Mom” by the crypto world, has established herself as a critic of Gensler’s regulatory approach.In a September 16 dissenting opinion with Commissioner Mark Uyeda, she stated,
“Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.”
Her background includes research on financial market regulation at George Mason University, advisory roles with the Senate Committee on Banking, Housing, and Urban Affairs, and positions as an SEC staff attorney and associate at WilmerHale.Former President Barack Obama nominated her as an SEC commissioner in 2018.Despite industry support for her potential chairmanship, Peirce’s appointment appears unlikely as she has indicated plans to depart the commission after her term ends in 2025.
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