US Lawmaker Introducing Legislation to Remove SEC Chairman Due to ‘Long Series of Abuses’

0 2

US Lawmaker Introducing Legislation to Remove SEC Due to 'Long Series of Abuses'

knife

A U.S. lawmaker has announced that he is introducing legislation to remove the Securities and Exchange Commission (SEC) chairman in order to “correct a long series of abuses.” The SEC, under Chair Gary Gensler, has been heavily criticized for its enforcement-centric approach to regulating the crypto industry.

Lawmaker Seeks to Remove SEC’s Chairman

U.S. Congressman Warren Davidson (R-OH) has revealed that he is introducing legislation to remove the chairman of the U.S. Securities and Exchange Commission (SEC). The lawmaker from Ohio tweeted Friday:

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). Former chairs of the SEC are ineligible.

Rep. Davidson’s tweet was in response to a statement by SEC Commissioner Hester Peirce, published Friday, regarding crypto regulation after the securities watchdog reopened a 30-day public comment period for an amendment to the regulatory definition of “exchange” to include decentralized finance (defi) platforms under the SEC’s control.

“Today’s Commission tells entrepreneurs trying to do new things in our markets to come in and register,” Peirce wrote. “When entrepreneurs find they cannot, the Commission dismisses the possibility of making practical adjustments to our registration framework to help entrepreneurs register, and instead rewards their good faith with an enforcement action.” The pro-crypto commissioner, who is also known in the crypto space as “Crypto Mom,” further stressed:

Today’s Commission treats the notice-and-comment rulemaking process not as a conversation, but as a threat.

Besides Commissioner Peirce, many have criticized SEC Chairman Gary Gensler for his enforcement-centric approach to crypto regulation. Congressman Davidson and several other lawmakers have repeatedly urged the securities regulator to stop stifling innovation and crippling the crypto industry.

The securities watchdog has recently ramped up its enforcement actions against cryptocurrency firms. On Monday, the SEC charged crypto exchange Bittrex with violations of securities laws. The agency also recently charged Kraken over its staking program and sent a Wells notice about potential violations to Coinbase.

Do you think the SEC chairman should be removed? Let us know in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 27,202.29
ethereum
Ethereum (ETH) $ 1,906.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 308.03
usd-coin
USD Coin (USDC) $ 0.999795
xrp
XRP (XRP) $ 0.52548
staked-ether
Lido Staked Ether (STETH) $ 1,904.62
cardano
Cardano (ADA) $ 0.378444
dogecoin
Dogecoin (DOGE) $ 0.072746
solana
Solana (SOL) $ 21.26
matic-network
Polygon (MATIC) $ 0.899274
litecoin
Litecoin (LTC) $ 95.22
tron
TRON (TRX) $ 0.076833
polkadot
Polkadot (DOT) $ 5.27
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.52
dai
Dai (DAI) $ 0.999912
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,259.30
uniswap
Uniswap (UNI) $ 5.08
leo-token
LEO Token (LEO) $ 3.59
chainlink
Chainlink (LINK) $ 6.45
cosmos
Cosmos Hub (ATOM) $ 10.64
okb
OKB (OKB) $ 46.31
monero
Monero (XMR) $ 145.54
ethereum-classic
Ethereum Classic (ETC) $ 18.12
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092402
bitcoin-cash
Bitcoin Cash (BCH) $ 114.74
filecoin
Filecoin (FIL) $ 4.97
internet-computer
Internet Computer (ICP) $ 4.82
lido-dao
Lido DAO (LDO) $ 2.33
true-usd
TrueUSD (TUSD) $ 0.998921
aptos
Aptos (APT) $ 9.00
quant-network
Quant (QNT) $ 119.24
hedera-hashgraph
Hedera (HBAR) $ 0.050951
arbitrum
Arbitrum (ARB) $ 1.24
crypto-com-chain
Cronos (CRO) $ 0.059374
near
NEAR Protocol (NEAR) $ 1.62
vechain
VeChain (VET) $ 0.019926
the-graph
The Graph (GRT) $ 0.131381
apecoin
ApeCoin (APE) $ 3.15
algorand
Algorand (ALGO) $ 0.152565
the-sandbox
The Sandbox (SAND) $ 0.56901
paxos-standard
Pax Dollar (USDP) $ 0.999885
eos
EOS (EOS) $ 0.908492
edgecoin-2
Edgecoin (EDGT) $ 1.00
frax
Frax (FRAX) $ 0.999486
elrond-erd-2
MultiversX (EGLD) $ 37.56
rocket-pool
Rocket Pool (RPL) $ 49.31
render-token
Render (RNDR) $ 2.60
optimism
Optimism (OP) $ 1.47
aave
Aave (AAVE) $ 63.86
fantom
Fantom (FTM) $ 0.323008
decentraland
Decentraland (MANA) $ 0.485518
theta-token
Theta Network (THETA) $ 0.853698
blockstack
Stacks (STX) $ 0.615655
tezos
Tezos (XTZ) $ 0.911652
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,047.37
axie-infinity
Axie Infinity (AXS) $ 7.10
immutable-x
ImmutableX (IMX) $ 0.814249
havven
Synthetix Network (SNX) $ 2.40
flow
Flow (FLOW) $ 0.731401
usdd
USDD (USDD) $ 0.999805
radix
Radix (XRD) $ 0.072574
bitdao
BitDAO (BIT) $ 0.500863
neo
NEO (NEO) $ 10.31
gala
GALA (GALA) $ 0.030222
kucoin-shares
KuCoin (KCS) $ 7.40
whitebit
WhiteBIT Token (WBT) $ 4.90
curve-dao-token
Curve DAO (CRV) $ 0.856568
bitget-token
Bitget Token (BGB) $ 0.471862
injective-protocol
Injective (INJ) $ 7.96
bitcoin-sv
Bitcoin SV (BSV) $ 32.75
gatechain-token
Gate (GT) $ 4.39
conflux-token
Conflux (CFX) $ 0.288133
maker
Maker (MKR) $ 668.34
klay-token
Klaytn (KLAY) $ 0.185852
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.0000005863571
kava
Kava (KAVA) $ 1.01
iota
IOTA (MIOTA) $ 0.199865
chiliz
Chiliz (CHZ) $ 0.101572
pepe
Pepe (PEPE) $ 0.000001
casper-network
Casper Network (CSPR) $ 0.047006
pax-gold
PAX Gold (PAXG) $ 1,958.38
tokenize-xchange
Tokenize Xchange (TKX) $ 6.37
sui
Sui (SUI) $ 0.952996
xdce-crowd-sale
XDC Network (XDC) $ 0.036455
terra-luna
Terra Luna Classic (LUNC) $ 0.000085
compound-ether
cETH (CETH) $ 38.35
mina-protocol
Mina Protocol (MINA) $ 0.545258
gmx
GMX (GMX) $ 56.33
huobi-token
Huobi (HT) $ 2.98
dash
Dash (DASH) $ 42.74
tether-gold
Tether Gold (XAUT) $ 1,958.12
frax-share
Frax Share (FXS) $ 6.64
ecash
eCash (XEC) $ 0.000025
trust-wallet-token
Trust Wallet (TWT) $ 1.08
frax-ether
Frax Ether (FRXETH) $ 1,906.06