- US congressman Warren Davidson has officially introduced a bill to remove SEC Chair, Gary Gensler, amidst allegations of abuse of power and failure to protect investors.
- The legislation calls for a restructuring of the SEC and the replacement of the chairman role with an Executive Director position.
US Congressman Introduces Bill to Remove SEC Chair Gary Gensler
US Congressman Warren Davidson has officially introduced legislation to remove SEC Chair Gary Gensler, citing Gensler’s alleged abuse of power and failure to protect investors as the basis for the regulator’s restructuring. The move comes after Gensler’s highly publicized congressional hearing, which brought to light the SEC chair’s misguided crypto regulation.
🚨I’m calling to restructure the @SECGov and the removal of Chair @GaryGensler.
Watch my closing remarks from today’s hearing where I lay out the abuse of power and failure to protect investors that has occurred. pic.twitter.com/SNXio9Zbej
— Warren Davidson 🇺🇸 (@WarrenDavidson) April 18, 2023
The bill calls for a complete replacement of the role of chairman with an Executive Director position, who will report directly to the board and bar former SEC chairs from being considered for the role. Davidson has been vocal about his intention to introduce the legislation, stating that it is necessary to “correct a long series of abuses” by Gensler as chairman.
Congressman Calls for SEC Restructuring
In his closing remarks at Gensler’s congressional hearing, Davidson called for a restructuring of the SEC amidst the allegations of abuse of power and failure to protect investors. The legislation seeks to place an executive director in charge of the SEC, operating in direct relation with the board.
🚨BREAKING!!!!! @GOPMajorityWhip TORCHING Gary Gensler and highlighting his and the SEC's complete and utter failure to protect ANY retail investors whatsoever
And lack of regulatory clarity + hostile enforcement against crypto in the US is pushing innovation offshores… pic.twitter.com/cDlt2BbUW2
— Tyler Strejilevich (@TylerSCrypto) April 18, 2023
Gensler has been the SEC Chair amidst some of the largest fraud cases the industry has seen. Additionally, he has been criticized for championing unclear regulatory action and prioritizing enforcement over proper discourse and collaboration. Davidson’s move to introduce the legislation is aimed at holding Gensler and the SEC accountable for their actions and ensuring investor protection.
Good morning #Ethereum community! Why is Gary Gensler unable to provide a straightforward response regarding whether #Ether qualifies as a security or not? #ETH
As the head of SEC, he is expected to give a definitive answer. Is he evasive during interviews (Shaking hands)? pic.twitter.com/seFCQ53Kjz
— ETHNews (@ETHNews_com) April 19, 2023
In conclusion, US Congressman Warren Davidson has introduced legislation to remove SEC Chair Gary Gensler, citing his alleged abuse of power and failure to protect investors. The bill calls for a restructuring of the SEC and the replacement of the chairman role with an Executive Director position. Davidson’s move is aimed at holding Gensler and the SEC accountable for their actions and ensuring investor protection.
