US Congressman Warren Davidson from Ohio called for the firing of SEC chairman Gary Gensler in his latest post from his X account.
US Congressman Calls for Firing of SEC Chairman Gary Gensler
The SEC has been at the center of controversy over Gensler's actions against cryptocurrency.
A three-judge appeal hearing in Washington on Tuesday overturned the SEC's decision to block a Spot-Bitcoin ETF application for Grayscale.
Congressman Davidson referred to an opinion submitted by Circuit Judge Rao regarding the court's decision.
The opinion says the court recognized that the SEC's rejection of Grayscale's ETF proposal was “arbitrary and capricious.”
It also says the Commission has failed to explain its different treatment of similar products. Therefore, the court approved Grayscale's petition and reversed the SEC decision.
This isn't the first time U.S. Congressman Davidson has said SEC Chairman Gensler should be fired.
Last July, he submitted a bill that would restructure the SEC and remove its chairman. Davidson calls Gensler a “tyrannical president” who Congress should protect markets from.
“It is time for real reform and to fire Gary Gensler as SEC Chairman,” Davidson wrote last month.
*This is not investment advice.