Congressman Warren Davidson has announced that he will introduce legislation to remove Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC). The move comes after a heated debate over Gensler’s stance on the regulation of decentralized finance protocols, which has been met with resistance from some members of Congress and the crypto community.
In a recent speech, SEC Commissioner Hester Peirce criticized Gensler’s anti-crypto agenda and the SEC’s proposal to adjust the definition of “exchange” to include DeFi protocols. Peirce argued that the current regulatory framework stifles innovation and that the SEC should be more open to practical adjustments that help entrepreneurs register.
“A Commission serious about regulating – and not destroying – this market would reflect on this near unblemished record of regulatory failure and do something about it. We would consider the possibility that our rules, which in the past have evolved to address the needs of, and the risks presented by, investors and firms in the traditional securities markets, might require some tweaking to permit firms to offer innovative ways of doing finance using novel technologies.”
Davidson, a known advocate for cryptocurrencies, took to Twitter to express his support for Peirce’s dissent and announced his plan to introduce legislation to replace Gensler. He argued that Gensler’s policies are hurting innovation and that the SEC needs a new chair who is more open to the potential of DeFi and blockchain technology.
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. https://t.co/VBnkgt8bhM
— Warren Davidson 🇺🇸 (@WarrenDavidson) April 16, 2023