Rep. Davidson will introduce a bill to dismiss SEC chairman Gensler for crypto overreach
A U.S. congressman has proclaimed he will introduce legislation to remove Gary Gensler from his position as SEC commissioner.
Gary Gensler, chairman of the Securities and Exchange Commission (SEC), could face redundancy after United States Representative Warren Davidson announced he would introduce legislation to terminate Gensler.
In a tweet sent on April 15 in response to Coinbase’s legal chief, Paul Grewal, the crypto-friendly congressman declared his intention to have Gensler removed from his position following the SEC’s announcement that it would reconsider the proposed redefinition of an “exchange.”
Gensler stated in a meeting on April 14 that the proposed rule amendments could benefit investors and markets by increasing regulatory oversight of certain brokers and “modernising” the rules that define an exchange.
In January 2022, comparable amendments were proposed. At the time, crypto advocacy organizations argued that the SEC’s overreach could threaten participation in the space.
Hester Peirce, an SEC commissioner known as “Crypto Mom” for her pro-crypto stances, criticized the new proposed rule amendments in an April 14 statement, declaring “stagnation, centralization, expatriation, and extinction are the watchwords” of the SEC’s latest move.
According to Peirce, unlike in the past when the SEC embraced new technology, the modern regulator has expanded its scope to address “nonexistent” problems.
She further opined that the SEC has adopted the stance of refusing to modify existing regulations to accommodate new technologies and business practices.