US lawmaker introduces legislation to remove SEC chairman over ‘long series of abuses’ – Regulation Bitcoin News

US lawmaker introduces legislation to remove SEC chairman over ‘long series of abuses’ – Regulation Bitcoin News

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

Lawmakers seek to remove SEC chairman

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 Ohio lawmaker tweeted Friday:

To correct a wide range of abuses, I am introducing legislation that would remove the chairman of the Securities and Exchange Commission and replace the role with a CEO who reports to the board (where the authorities reside). Former chairmen of the SEC are not eligible.

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 a change to the regulatory definition of “exchange” to include decentralized finance (defi) platforms under the SEC’s control.

“Today’s commission is asking entrepreneurs who are trying to do new things in our markets to come in and register,” Peirce wrote. “When entrepreneurs find they can’t, the Commission rejects the opportunity to make 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 emphasized:

Today’s commission treats the notice-and-comment regulations 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 called on the securities regulator to stop stifling innovation and crippling the crypto industry.

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The securities watchdog has recently stepped up its enforcement actions against cryptocurrency firms. On Monday, the SEC accused crypto exchange Bittrex of violating securities laws. The agency also recently accused Kraken of its betting program and sent a Wells notice of potential violations to Coinbase.

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

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.

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