US Congressman Files Legislation To Remove Gensler As SEC Boss
April 17, 2023
SEC chief Gary Gensler might find himself in trouble after United States Representative Warren Davidson’s statements posed a threat to his position.
In an April 15 tweet responding to Coinbase’s legal chief, Paul Grewal, the crypto-friendly congressman announced his intention to have Gensler removed from his role.
The statement was released after the SEC’s latest announcement about revisiting the proposed redefinition of an “exchange.”
Gensler advocated that the proposed rule amendments could benefit investors and markets by bringing certain brokers under additional regulatory scrutiny as well as "modernizing" rules that define an exchange.
Crypto advocacy groups suggested that proposing such amendments was an overreach of the SEC’s authority.
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)," Warren Davidson tweeted.
Davidson also mentioned that he’ll be replacing the role with an Executive Director who will directly report to the board.