US Representative to Introduce Legislation to Remove Gary Gensler as SEC Chair

Hester Peirce, the SEC commissioner, has also spoken out against Gensler.

The U.S. Securities and Exchange Commission (SEC), its chairman Gary Gensler, and its crypto war are facing increasing political opposition. Congressman Warren Davidson is the most recent to take action against the overzealous regulatory body.

Representative Warren Davidson of Ohio announced on April 16 that he would be introducing new legislation. The purpose of the proposed legislation is to remove the SEC chairman and replace him with a director.

This also follows a succession of what crypto industry advocates consider to be extrajudicial crackdowns. The congressman responded to Hester Peirce’s additional criticism of the SEC.

Gensler views himself as an enforcer, saying on multiple occasions that he is the “cop on the beat.” As a result, he has pledged to take comprehensive enforcement actions against the entire crypto industry this year.

Peirce, also known as “crypto mom,” has been outspoken regarding the SEC’s crypto conflict. She issued a statement on April 14 titled “Amending the Definition of Exchange.” She criticized the SEC and its chairman, Gary Gensler, saying:

“Instead of adopting the promise of new technology as we have in the past, we propose embracing stagnation, mandating centralization, urging expatriation, and welcoming the extinction of new technology.” “Therefore, I disagree,” the pro-technology and innovation advocate stated.

In addition, Congressman Davidson is one of an increasing number of U.S. politicians who concur. In February 2022, he introduced a bill to prevent any government agency from restricting the use of cryptocurrencies or their transactions via personal and private wallets.

Representatives Patrick McHenry and Ritchie Torres reintroduced a bipartisan measure to prevent an innovation exodus in the aftermath of the crypto enforcement in March of this year.

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