A US lawmaker has announced that he is introducing legislation to impeach the head of the Securities and Exchange Commission (SEC) in order to “correct a long line of abuse.” The SEC, under chairman Gary Gensler, has come under fire for its enforcement-focused approach to regulating the crypto industry.
The legislator seeks to remove the head of the Supreme Education Council
US Congressman Warren Davidson (R-OH) has revealed that he is introducing legislation to remove the chairman of the US Securities and Exchange Commission (SEC). The Rep. from Ohio tweeted on Friday:
To right a long line of abuse, I’m introducing legislation that eliminates the chair of the SEC and replaces the position with an executive director who reports to the board (where the authority resides). Former chairmen of the Securities and Exchange Commission are not eligible.
Rep. Davidson’s tweet was in response to A statement by SEC Commissioner Hester Pearce, published on Friday, regarding cryptocurrency regulation after the SEC reopened a 30-day public comment period to amend the regulatory definition of “exchange” to include decentralized finance (challenge) platforms subject to controlled by the Securities and Exchange Commission.
“Today’s panel is telling entrepreneurs trying to do new things in our markets to come and sign up,” Pearce wrote. “When entrepreneurs find they cannot, the Commission rejects the possibility of practical modifications to our registration framework to help entrepreneurs register, and instead rewards their goodwill with enforcement action.” The pro-crypto commissioner, also known in the crypto space as “Crypto Mom,” confirmed:
Today’s committee does not treat the notice and comment rule-making process as a conversation, but as a threat.
Besides Commissioner Pierce, many have criticized SEC Chairman Gary Gensler for his enforcement-centric approach to cryptocurrency regulation. Congressman Davidson and many other lawmakers have repeatedly called on the securities regulator to stop stifling innovation and disrupting the cryptocurrency industry.
The securities watchdog recently stepped up its enforcement action against cryptocurrency firms. On Monday, the Securities and Exchange Commission (SEC) charged cryptocurrency exchange Bittrex with violating securities laws. The agency also recently accused Kraken over its staking program and sent a notice to Wells about potential violations to Coinbase.
Do you think the head of the SEC should be fired? Let us know in the comments section below.
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