It was just a matter of time before this happens. The guy is litterally making up his own laws. Congressman advances legislation to fire Gary Gensler, downgrade position Gensler's SEC leadership has attracted controversy from the crypto industry. Mike Dalton Apr. 17, 2023 at 8:23 pm UTC 2 min read Updated: April 17, 2023 at 10:13 pm COVER ART/ILLUSTRATION VIA CRYPTOSLATE Share Rep. Warren Davidson (R-Ohio) announced legislation to remove Securities and Exchange Commission (SEC) chair Gary Gensler in a tweet on April 16. Davidson announces anti-Gensler legislation On Twitter, Davidson wrote: “To correct a long series of abuses, I am introducing legislation that removes the Chairman of the [SEC] and replaces the role with an Executive Director that reports to the Board (where authority resides).” Davidson also said that former SEC chairs are “ineligible” for the downgraded position. If the legislation were to succeed, Gensler would no longer be able to serve in a leadership capacity at the Commission but presumably could serve in another role. Davidson announced the legislation in response to Coinbase CLO Paul Grewal, whose original tweet concerned the SEC’s pursuit of a broadened definition of “exchange.” That broadened definition could impact DeFi platforms and other services not typically considered exchanges — a possibility that the SEC itself has observed. Davidson appears to be acting in response to a Twitter campaign urging for Gensler’s removal. In late March, he wrote: “Let’s make the #FireGary movement bipartisan!” Gensler, SEC face longstanding criticism Davidson has criticized Gensler and the SEC in the past. In November 2022, he accused Gensler and the SEC of selective enforcement following the collapse of FTX. In October 2022, he criticized the SEC’s decision to fine Kim Kardashian over her cryptocurrency promotions. At that time, Davidson wrote that the SEC’s “incoherent” and “inconsistent” enforcement policies would force crypto innovation overseas. In February 2023, he accused the SEC of regulating by enforcement when it sued Kraken over its staking services. The SEC also forced Kraken to discontinue staking in the U.S. The SEC’s board of commissioners currently has five members. Two commissioners — Hester Peirce and Mark Uyeda — have regularly dissented from the regulator’s strict decisions around crypto policy, including some of the above issues. Mike Dalton Journalist at CryptoSlate Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada. POSTED IN: U.S., FEATURED, PEOPLE, REGULATION LATEST REPORT Before and after Shanghai: A deep dive into the consequences of Ethereum’s latest upgrade CryptoSlate’s latest market report dives deep into on-chain metrics before and after the Shanghai upgrade to see whether it could be inconsequential or mark a turning point for the Ethereum network. Andjela Radmilac · 3 days ago Recent Gensler Stories Ripple CEO says SEC Chair Gensler behaves like an ‘autocrat’ Oluwapelumi Adejumo 3 weeks ago 1 min read SEC’s Gary Gensler seeks for more staff, resources to regulate crypto Mike Dalton 3 weeks ago 2 min read Ethereum co-founder praises Gary Gensler as ‘shining knight of decentralization’ Samuel Wan 1 month ago 2 min read Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. 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I'm sure there will be more to follow. What he has done is illegal and corruptive. It's time to shed some light on this baffoon...
Whom does this Davidson guy promote instead? I guess a Davidian, right...? Surely for some new "deregulations", to carry out their newest heist plans... History repeats... Poor USA... Btw, what happened to the 2 trillion dollars (that's 2000 billions of $$$) mysteriously vanished in the DoD shortly before 9/11 ?
%% He seems much better than average; + i noticed SEC seems to be a better run federal agency\ lowered fees, in a notable wayI wish all were run that wise way. But the nonsense they rubber stamped on inteference[micromanagement, emissions] in oil co business; may be wake call for new leaders in SEC. Stay tuned . DOJ+ IRS doesnt seem to like crypto also.
My brother is at finra, much better pay than the government agency but doing much the same thing except law enforcement. sec and the fed are technical jobs, can’t make much mistakes.