Warren Davidson, the U.S. representative for Ohio, declared his intention to introduce new legislation that would aim to oust Gary Gensler as the Securities and Exchange Commission (SEC) chairman.
Davidson was responding to a tweet from Coinbase’s general counsel, Paul Grewal, who shared a few quotes from “Crypto Mom” Hester Peirce criticizing the SEC’s opposition to the cryptocurrency industry.
The US Congressman announced that, while the current SEC chairs will be ineligible, he intends to replace the position of SEC chair with an Executive Director who will report to the Board.
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.
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 cryptocurrency community supported Pierce and Davidson for their criticism of Gary Gensler and the SEC. Since the FTX scandal, regulators have been harshly policing cryptocurrency platforms, with even crypto-friendly banks like Signature Bank recently going out of business.
Compiled by Coinbold