The U.S. representative for Ohio, Warren Davidson, announced his intention to introduce new legislation that seeks to remove Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC).
Davidson was responding to a tweet by Coinbase’s legal chief, Paul Grewal, where the latter shared a few statements from “Crypto Mom” Hester Peirce which slammed SEC’s aversion towards the crypto sector.
The US Congressman stated that he intends to replace the SEC chair’s role with an Executive Director that reports to the Board but the former chairs of the SEC will not be eligible.
Recently, the SEC revealed its intention to review the redefinition of an “exchange” under its rules. This announcement has been followed by political attacks against Gary Gensler, who heads the agency, during this period.
Also Read: SEC to Hire Lawyers for Crypto Enforcement Division
SEC commissioner Hester Pierce expressed concern and passed sarcastic comments on the situation “In addition to ironing this t-shirt (which republishes code from a comment letter), will I need to register as an exchange before wearing it? “It depends,” per the SEC’s latest release.”
“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,” Peirce added.
The crypto community cheered on both Pierce and Davidson on their criticism against the SEC and Gary Gensler. Since the FTX fallout, the regulators are cracking down on crypto platforms, with even crypto-friendly banks like Signature Bank shutting down recently.
Also Read: Elizabeth Warren Under Fire for the ‘Anti-Crypto Army’ Agenda
