US Congressman Warren Davidson calls for firing the chairman of the SEC

In his opinion, Gary Gensler is abusing his authority to regulate the crypto market

17.04.2023 - 09:20

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3 min

What’s new? U.S. House of Representatives and Republican Party member Warren Davidson introduced a bill designed to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler. According to the congressman, this would “correct a long series of abuses.” He announced this on Twitter, responding to SEC Commissioner Hester Peirce, who also criticized the agency for its actions in the cryptocurrency industry.

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

What else is known? In the bill, Davidson proposed replacing the role of SEC chairman with an executive director who would report to the board of directors. In this, former SEC chairmen should not have the right to be elected to a new position.

SEC and cryptocurrencies. On April 6, the SEC’s Investor Advisory Committee called for more aggressive enforcement action against crypto companies. In a letter to Gensler, the authors stressed that they consider virtually all cryptocurrencies to be securities. Earlier, Gensler asked for a record $2,4 billion for his agency to regulate cryptocurrencies.

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In February, Republican Senator Bill Huizenga criticized Gensler’s actionsin the crypto sector and also began examining the SEC’s ties to the bankrupt crypto exchange FTX. Late last year, Republican Congressman Tom Emmer called for Gensler to be prosecuted for allegedly being aware of FTX’s fraudulent activities and granting privileges to the exchange.

Last February Warren Davidson introduced the “Keep Your Coins Act,” a bill designed to prevent the government from controlling users’ assets. Specifically, Davidson proposed prohibiting the government from influencing the purchase and trading of cryptocurrencies by ordinary US citizens.

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