SCOOP: Pro-Crypto Congressman Introduces Legislation To Remove Gary Gensler As SEC Chairman
April 16, 2023 Congressmen Warren Davidson published a tweet that collected over one million views on twitter within 24 hours. This scoop begins with Chief Legal Officer at Coinbase, Paul Grewal, citing a statement from SEC Commissioner Hester Peirce that “hit awfully close to home” for cryptocurrency advocates, participants, & investors.
“Today’s Commission tells entrepreneurs trying to do new things in our markets to come in and register. When entrepreneurs find they cannot, the Commission dismisses the possibility of making practical adjustments to our registration framework to help entrepreneurs register, and instead rewards their good faith with an enforcement action. Today’s Commission treats the notice-and-comment rulemaking process not as a conversation, but as a threat” –@HesterPeirce
Congressmen Warren Davidson then responds, “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.”
Some could say that this is an effort to remove Gary Gensler as the chairman of the SEC due to a non-stop tirade on the cryptocurrency market by filing major litigations against many companies and issuing public statements contradicting past things said by SEC officials. Others could say this is an attempt to restructure the SEC and not give a single individual pure power over what is wrong and what isn’t.
If this litigation gets through that would mean all former Chairs of the SEC would ineligible for the new role of “Executive Director”, Including Gary Gensler. This is a major blow to the SEC’s war on cryptocurrency.
