Fire Gensler? Rep. Davidson to Introduce Bill to Remove SEC Boss
17. April 2023• Rep. Warren Davidson has declared he will introduce legislation to have SEC boss Gary Gensler removed from his role.
• The proposal is in response to the SEC’s announcement about revisiting the proposed redefinition of an “exchange”.
• Commissioner Hester Peirce criticized the new proposed rule amendments, declaring “stagnation, centralization, expatriation, and extinction are the watchwords” of the latest move by the SEC.
Rep. Warren Davidson to Introduce Legislation to Fire SEC Boss
U.S. Congressman Warren Davidson has declared he will introduce legislation to have Securities and Exchange Commission (SEC) chair Gary Gensler removed from his role due to Gensler’s overreach with crypto regulations.
Proposed Rule Amendments Criticized as Overreach
The proposed rule amendments would bring certain brokers under additional regulatory scrutiny as well as “modernize” rules that define an exchange, which were previously proposed in January 2022. Crypto advocacy groups suggested it was an overreach of authority that could jeopardize participation in the space.
SEC Commissioner Hester Peirce — known as “Crypto Mom” for her pro-crypto positions — heavily criticized the new proposed rule amendments in an April 14 statement, declaring “stagnation, centralization, expatriation, and extinction are the watchwords” of the latest move by the SEC. She stated: “Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology.”
Davidson Announces Plans To Remove Gensler From Role
In response to Coinbase’s legal chief Paul Grewal’s tweet on April 15th regarding this issue Davidson announced on Twitter his intention to remove Gensler from his role: “To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces it with an Executive Director that reports directly to their Board (where authority resides).” He added: “Former Chairs of the SEC are ineligible.”
Legislation Could Benefit Investors & Markets
Gensler argued in an April 14 meeting that this legislation could benefit investors and markets if passed by modernizing exchange-defining rules currently in place. If successful this legislation would provide greater regulatory protection for investors while also encouraging innovation within crypto markets globally.
Conclusion
Rep. Warren Davidson intends to introduce a bill into Congress which would see current SEC boss Gary Gensler replaced with a director who answers directly to their board – potentially benefiting both investors and markets through modernized exchange-defining rules if passed successfully