US congressman Warren Davidson has announced that he will propose a bill to remove SEC chairman Gary Gensler from his post.
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), may face unemployment following the bill to be presented by United States Representative Warren Davidson. The crypto-friendly congressman, in a tweet in response to Coinbase’s chief legal officer Paul Grewal, announced his intention to sack Gensler following the SEC’s recent announcements regarding the exchange’s re-definition.
Commented on Hester Peirce
“To rectify a long-standing abuse, I am introducing a bill that dismisses the Chairman of the Securities and Exchange Commission and transfers that role to the Executive Director,” Davidson wrote.
https://twitter.com/WarrenDavidson/status/1647572722958974983
At a meeting on April 14, Gensler said the proposed rule changes could benefit investors and markets by modernizing the rules that define the exchange, as well as placing some brokers under additional regulatory scrutiny.
Similar changes were proposed in January 2022. At the time, crypto advocacy groups argued that this was an overshoot of the SEC and could jeopardize participation in the space.
SEC commissioner Hester Peirce, known as a crypto mom for her pro-crypto views, criticized the new rule changes in a statement on April 14, declaring that the SEC’s latest move is a scenario of stagnation, centralization and extinction.
“Instead of embracing the promise of new technology as we have done in the past, here we welcome recession to embrace recession, forcing decentralization and extinction of new technology,” Peirce said in a statement.
The SEC has filed lawsuits in recent years over alleged infringement against crypto companies such as Ripple, LBRY, and Coinbase.
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