Warren Davidson Files Legislation to Fire Gary Gensler

Warren Davidson Files Legislation to Fire Gary Gensler

Warren Davidson, a member of the US House of Representatives, has officially introduced a bill that would restructure the US Securities and Exchange Commission (SEC) and get rid of Gary Gensler as its chair. 

In a recent tweet, Davidson called Gensler a “tyrannical chairman,” saying that Congress needs to protect the markets from him. 

The law comes after the SEC took steps to enforce the regulations last week. In particular, the US government had put both Coinbase and Binance on notice of a number of charges. After that, the agency took action against them because they had broken US stock laws.

Davidson Files SEC Stabilization Act

When it went after two major cryptocurrency exchanges last week, the SEC sent shock waves through the whole digital asset industry. In fact, the government took action against Binance and Coinbase for breaking securities laws. Now, one member of Congress is fighting back against what the agency and its head have done. 

Specifically, Congressman Warren Davidson has introduced legislation that would remove Gary Gensler as SEC chairman. In addition, the newly introduced legislation will reorganize the regulatory agency’s current structure. 

Moreover, Davidson stated, “US capital markets must be protected from tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come.” 

In addition, he said, “It’s time for real reform and to fire Gary Gensler as Chair of the SEC.” 

In contrast, calls for a leadership transition have been consistent. Specifically due to concerns about how the SEC’s actions may impact the industry. Consequently, this is displacing digital asset development from the United States.


About Dren Hima

Being exposed to the crypto industry for the last few years has given me valuable experience with market analyses (technical and fundamental) as well as blockchain technology in general. As the content editor and a market analyst of Walletor, I strive to share the latest developments of the crypto industry, while also providing a unique educational experience for all Crypto & FinTech enthusiasts.

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