Political backlash against the war against cryptocurrencies by Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), is growing. The latest to take action against the “extremism” of the regulatory agency was US Congressman Warren Davidson. Here are the details…
A bill has been submitted against the SEC Chair
On April 16, Ohio Representative Warren Davidson announced that he had introduced a new bill. The purpose of the proposed bill was to remove the SEC Chairman and replace him with a director. This also follows complaints from crypto industry advocates that there is “biased pressure” on the industry. Member of Congress pointed to further SEC criticism from SEC official Hester Peirce. The member used the following statements:
To correct many protracted abuses, I am introducing a bill that removes the Chairman of the U.S. Securities and Exchange Commission and replaces this mandated role with an Executive Director reporting to the Board of Directors.
Voices are rising against the cryptocurrency war
Gensler sees himself as a “enforcer” and has repeatedly claimed to be “police on patrol”. As such, he has promised to crack down on the entire crypto industry with several sweeping enforcement actions this year. SEC Executive Peirce, also known as the “mother of crypto,” is speaking out about the agency’s battle against crypto. Pierce, who issued a statement on “Changing the Definition of the Stock Exchange” on April 14, hurled criticism at the SEC and Chairman Gary Gensler, saying:
Instead of embracing the promise of new technology as we have done in the past, we propose here to embrace recession, push centralisation, encourage expatriation, and welcome the disappearance of new technology.
Davidson, a technology and innovation proponent, said, “In line with this, [Gensler’e] my opposition,” he added. What’s more, Congressman Davidson is one of a growing number of US politicians to agree. In February 2022, he introduced a bill that seeks to prevent any institution from interfering with the use or transactions of cryptocurrency through personal and private wallets. In March of this year, Representatives Patrick McHenry and Ritchie Torres revived a bipartisan bill to curb the “innovation” outlet in the country after crypto crackdown.
What about the DeFi industry?
The regulator has been ruthless in its battle against crypto this year. Its latest salvo against the industry has also targeted the decentralized finance (DeFi) ecosystem. cryptocoin.com As we reported, the SEC announced on April 14 that it plans to change a proposed rule that clearly states that DeFi platforms must register with the regulator. Gary Gensler reiterated that many crypto trading and DeFi platforms already fall under the current definition of an exchange. According to him, they must comply with securities laws and be registered.
However, no crypto assets have yet been officially classified as a security in the US. That’s why for many, it’s Congress’ job, not Gensler’s, to handle cryptocurrencies, and that’s the argument that a growing number of lawmakers are making.
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