US congressman Warren Davidson has announced that he will propose a bill to remove SEC chairman Gary Gensler from his post.
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 fire Gensler, following the SEC's recent announcement to reconsider the proposed definition of "exchange", in a tweet on April 15 in response to Coinbase's chief legal officer Paul Grewal.
"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 reporting to the Board (where power is located)," 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. Crypto advocacy groups at the time suggested that this would be an overshoot of the SEC and could jeopardize participation in the space.
SEC commissioner Hester Peirce, known as the "Crypto Mother" for her pro-crypto positions, criticized the newly proposed rule changes in a statement on April 14, declaring that the SEC's latest move "is the watchwords of 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.
