- Insight outlet WhaleChart reported that Hester Pierce is considered to replace current SEC Chairman Gary Gensler.
- Crypto X took this rumor with a grain of salt and excitement.
- However, Fox Business Journalist posits that the change is unlikely in the first place.
YEREVAN (CoinChapter.com) — On Aug 14, economic data resource WhaleChart reported that Securities and Exchange Commission (SEC) commissioner Hester Peirce may replace the current Chairman, Gary Gensler.
BREAKING:— Whale (@WhaleChart) August 14, 2023
SEC Commissioner Hester Peirce is being considered to replace Gary Gensler as the head of the regulatory agency
However, analysts all across Crypto X (Formerly known as Twitter) are receiving this rumor with mixed feelings. So let’s dive and see opinions about this rumor and its potential implications.
The Positive Reception
Ms. Hester historically showed a more open-minded approach toward crypto regulation, earning her the nickname “Crypto Mom.”
Parts of the community remembered that. For example, Ivan-on-Tech, CEO of MoralisWeb3, an on-chain data platform, stated that if Peirce replaces Gensler, that can positively change the US crypto space considering her more embracing approach to crypto.
Hester is the biggest supporter of crypto within the SEC— Ivan on Tech – 🔜 PERMISSIONLESS IN TEXAS 🇺🇸 (@IvanOnTech) August 14, 2023
This is gonna be the most bullish event ever for crypto
Blackrock rearranging the SEC staff? https://t.co/ZKmXLstDSS
Moreover, Ivan states “Hester Peirce potential appointment as SEC Chairman will be the most bullish event for crypto.”
In another instance, Strategic Communications & Partnerships Lead at API provider FirstDigitalHQ Karen Tang welcomed this rumor. Tang stated that the appointment of Ms. Peirce as Chairman will finally end the “enforcement” policy directed by current Chairman Gary Gensler.
TGIF-O thank god it’s finally over. @GaryGensler reign of enforcement by will. @HesterPeirce will no doubt be an objective and fair leader at the helm, the adrenaline shot that the #cryptomarket needs to get its heart beating again #SEC #Bullish https://t.co/QlihKLUOMl— Karen (@KarenxTang) August 14, 2023
In her opinion, Peirce will be a fair leader that US crypto needs to “get its heart beating again.”
The Other Side Of The Coin
However, some analysts don’t think that the appointment is possible in the first place. Furthermore, some question the validity of the rumor itself. For example, Journalist for the outlet Fox Business, Eleanor Terret, states that leadership change is unlikely.
Unlikely. Hester is a Republican and Biden is unlikely to appoint a GOP candidate as head of the @SECGov when he’s running for re-election.— Eleanor Terrett (@EleanorTerrett) August 14, 2023
My SEC source: “It will be a cold day in hell when Biden appoints a GOP, especially when he’s running for re-election.” https://t.co/Y2vczcyyUk
In her opinion, the change is unlikely since the current Democrat administration is unwilling to appoint the Republican Peirce. In her view, a Republican SEC Chairman is a hurdle to the Democrats and doesn’t fit their agenda if US President Biden wants to get re-elected.
Moreover, she points out an unknown insider SEC source to validate her opinion. Additionally, X users seem to mock the initial rumor itself. Rather ironically, they use memes to drive the point home.
Rumors name themselves as such for a reason. In theory, a more crypto-friendly SEC Chairman even sounds too good. However, it’s very important to understand that there must be a coordinated effort from all regulatory bodies to enact change. One appointment is not normally enough.
Besides, the political competition between Republicans and Democrats makes changes like these seem difficult because of inherent power struggles between the two.