Republican Congressman Warren Davidson has introduced legislation aimed at removing Securities and Exchange Commission (SEC) chairman Gary Gensler from his role.
The legislation was announced by Davidson this weekend via Twitter, and came in response to proposed Rule by the SEC that would redefine the meaning of “exchange” bringing such entities under regulatory scrutiny.
Writing on Twitter, Davidson said Gensler needed to be fired to fix a long series of abuses. […],
To replace the SEC chairman, the representative suggested that a new executive director reporting directly to the SEC’s board should be appointed, while noting that the former SEC chairman would be ineligible for the role.
Davidson’s post referenced a tweet coinbase Advocate Paul Grewal with screenshot of SEC Commissioner’s remarks hester pierce,
According to the screenshot, Pierce, who is sometimes referred to as “crypto mom” for her crypto friendlyCriticized the SEC’s approach to crypto companies.
Among other things, Commissioner Peirce accused the SEC of actively going after crypto firms instead of helping them register as required:
“Today’s Commission calls on entrepreneurs trying to do new things in our markets to come and register. When entrepreneurs find they cannot, the Commission calls on our Rejects the possibility of making practical adjustments to the registration framework, and instead rewards their good faith with an enforcement action.
Commenting under a screenshot of Pierce’s comments, crypto-focused attorney James Murphy called it a “really dangerous statement” that should give pause to judges hearing crypto-related cases brought by the SEC.
agreed with another user Signal How the rules “always favor installers, not disrupters” and other users suggest The SEC has likely made the process “so complicated that applicants give up.”
“The US Congress is the only body that can stop the aggressive actions of the SEC against the crypto industry,” said a third user. Said,