Congressman advances legislation to fire Gary Gensler, downgrade position
Rep. Warren Davidson (Ohio, Republican) announced a bill to remove U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in the following tweet: April 16th.
Davidson Announces Anti-Gensler Act
Davidson wrote on Twitter:
“To remedy a long string of abuses, I am introducing legislation to remove the president. [SEC] And replace that role with a Managing Director reporting to the Board (where authority resides). “
Davidson also said the former SEC chairman was “ineligible” for the downgraded position. You can play different roles.
Davidson announced the bill in response to Coinbase CLO Paul Grewal. Paul Grewal’s first tweet was about the SEC’s pursuit of an expanded definition of “exchange.” This expanded definition could affect DeFi platforms and other services not typically considered exchanges — a possibility the SEC itself has observed.
Davidson appears to be responding to a Twitter campaign calling for Gensler to be fired. In late March he wrote:let’s make #fire gary A bipartisan move!“
Gensler and SEC face years of criticism
Davidson has criticized Gensler and the SEC in the past. In November 2022, he defendant Gensler and SEC on Selective Enforcement After FTX Collapse.
October 2022, he criticized SEC decision to fine Kim Kardashian over cryptocurrency promotion. At the time, Davidson said the SEC’sInconsistent and Inconsistent Enforcement Policy will force crypto innovation abroad.
In February 2023 he defendant The SEC took enforcement action when it sued Kraken over its staking service. The SEC also forced Kraken to stop staking in the US.
The SEC’s committee currently has five members. Two commissioners — Hester Peirce and Mark Uyeda — regularly oppose the regulator’s tough decisions on crypto policy, including some of the issues above.
A downgrade position first appeared on CryptoSlate after Congressman introduced a bill to remove Gary Gensler.
