US congressman Warren DavidsonSEC head by Gary Gensler He announced that he would submit a bill for his dismissal.
Congressman Wants SEC Chair to be Impeached
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), may face unemployment after United States Representative Warren Davidson announced he would pass legislation to fire the SEC boss.
The crypto-friendly congressman announced his intention to sack Gensler in a tweet on April 15 in response to Coinbase’s chief legal officer Paul Grewal, following the SEC’s recent announcement to reconsider the proposed definition of “exchange”.
“To rectify a long series of irregularities, I am introducing a bill that removes the Chairman of the Securities and Exchange Commission and replaces this role with an Executive Director who reports to the Board (where the authority is),” 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
— Warren Davidson 🇺🇸 (@WarrenDavidson) April 16, 2023
At an April 14 meeting, Gensler said the proposed rule changes could benefit investors and markets by “modernizing” the rules that define an 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.
Known as the “Crypto Mother” for her pro-crypto positions, SEC commissioner Hester Peirce criticized the newly proposed rule changes in a statement on April 14, declaring that the SEC’s latest move is “the watchwords for stagnation, centralisation, flight and extinction.”
Over the past few years, the SEC has filed lawsuits over alleged infringement against crypto companies such as Ripple, LBRY, and Coinbase.
*Not investment advice.
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