- Rep. Warren Davidson proposes legislation to fire SEC Chair Gary Gensler.
- Davidson’s reaction follows SEC’s plan to revisit “exchange” redefinition.
- Proposed legislation replaces SEC Chair with Executive Director reporting to Board.
In a potentially game-changing development, United States Representative Warren Davidson has announced plans to introduce legislation that could leave Securities and Exchange Commission (SEC) Chair Gary Gensler jobless. The move comes in response to the SEC’s recent announcement concerning a reevaluation of the proposed redefinition of an “exchange.”
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Davidson, a crypto-friendly Representative, took to Twitter on April 15 to express his intention to remove Gensler from his current role. The announcement was made in response to a tweet from Coinbase’s legal chief, Paul Grewal.
Davidson’s tweet detailed the proposed legislative action:
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).
Furthermore, the tweet clarified that “Former Chairs of the SEC are ineligible.”
If enacted, this legislation would represent a significant shift in the structure of the SEC and its leadership, replacing the SEC Chair role with an Executive Director who reports directly to the Board. This unprecedented move by Rep. Davidson underscores the growing tensions between the SEC and the cryptocurrency industry.
In other news, a pioneer investor in the meme cryptocurrency Shiba Inu has recently cashed out $100 million in enormous profits. The unidentified individual was one of the earliest investors in Shiba Inu, a digital currency that was introduced as a joke in 2020 and has since acquired cult status.
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