Rep. Davidson to introduce legislation to fire SEC boss Gensler for crypto overreach
Securities and Exchange Commission (SEC) chair Gary Gensler could be facing unemployment after United States Representative Warren Davidson declared he would introduce legislation to fire the SEC boss.
In an April 15 tweet responding to Coinbase’s legal chief, Paul Grewal, the crypto-friendly Representative announced his intention to have Gensler removed from his role after the SEC's latest announcement about revisiting the proposed redefinition of an "exchange."
"To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides)," Davidson tweeted.
Yep. To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides). Former Chairs of the SEC are ineligible. https://t.co/VBnkgt8bhM
"Former Chairs of the SEC are ineligible," he added.
Gensler said in an April 14 meeting the proposed rule amendments could benefit investors and markets by bringing certain brokers under additional regulatory scrutiny as well as "modernizing" rules that define an exchange.
Similar amendments were proposed in January 2022. At the time crypto advocacy groups suggested it was an overreach of the SEC's authority that could jeopardize participation in the space.
SEC commissioner Hester Peirce, known as "Crypto Mom" for her pro-crypto positions, criticized the new proposed rule amendments in an April 14 statement declaring "stagnation, centralization, expatriation, and extinction are the watchwords" of the latest move by
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