Grayscale Lawsuit: US Rep. Warren Davidson Wants SEC’s Gary Gensler Fired

In what seems to be a continuing saga of legal battles leading to the constant defeat of the United States Securities and Exchange Commission (SEC), U.S. Representative Warren Davidson has once again strengthened his efforts in removing Gary Gensler from his position as the Chair of the SEC. Davidson believes that Gensler’s action on the current regulations surrounding cryptocurrency is uncalled for and biased.

Davidson’s stance resonates with the growing sentiment within the crypto community, as his efforts have only been praised thus far. He believes the SEC’s regulatory actions have become increasingly oppressive and politically charged despite the market’s desire for increased flexibility and innovation.

How Has Warren Davidson Protested Against Gary Gensler?

Warren Davidson’s dissatisfaction with Gensler’s leadership is not news to anyone. He had previously introduced the “SEC Stabilization Act” on 12th June 2023 with the primary aim of firing Gary Gensler from his position as the SEC Chair.

Davidson firmly expressed his concerns: “U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”

Davidson introduced the bill a week after the SEC filed lawsuits against Binance and Coinbase. Representative Tom Emmer co-authored the bill and called Gary Gensler a regulator with bad faith.

Why Is Warren Davidson Calling For Gary Gensler’s Dismissal Now?

Recently, the Court of Appeals issued a verdict in favor of Grayscale ETF filing has caused a frenzy in the market. The positive news has impacted Bitcoin bounced 6% after the judge ruled in favor of Bitcoin Spot ETFs. As the panel of three judges unanimously voted in favor of Grayscale, it is all everyone in the community and crypto X (Twitter) are talking about.

Representative Warren Davidson also voiced his opinion in a post on X (Twitter), stating, “Gary Gensler’s actions at the SEC are arbitrary and capricious,” followed by the hashtag #FireGaryGensler, once again calling for the removal of Gary Gensler from the post of SEC Chair.

He used a quote from the recent court statement to justify his words:

“We agree. The (SEC’s) denial of Grayscale’s ETF proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale’s petition and vacate the SEC order.”

Congressman Warren Davidson’s persistent efforts to remove SEC Chair Gary Gensler reflect the ongoing struggle between regulatory oversight and the need for a crypto-friendly environment. The clash underscores the need for clear and unbiased regulation to promote innovation and safeguard investors’ interests.

Also Read: Grayscale Victory: Expert Reveals What Comes Next for Bitcoin ETF