Representative Warren Davidson has stated his intention to introduce legislation to remove Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC), from his position. Davidson, who is known for his pro-crypto stance, made the announcement on April 15 in response to the SEC’s latest announcement regarding the proposed redefinition of an “exchange.” He stated that he plans to replace the role of SEC Chair with an Executive Director who reports to the Board. SEC Commissioner Hester Peirce, who has been nicknamed “Crypto Mom” for her support of digital assets, has criticized the SEC’s proposed rule amendments, stating that they could force centralization and lead to the extinction of new technology.
Peirce has also accused the SEC of using enforcement actions to develop the law on a case-by-case basis, rather than creating clear regulations. The SEC has previously launched actions against several crypto companies, including Ripple, LBRY, and Coinbase, over alleged violations.
