(Cryptosaurus) - A US lawmaker has announced that he is introducing legislation to remove the chairman of the Securities and Exchange Commission (SEC) in order to “correct a long series of misconduct”.
The SEC has been heavily criticized under Chairman Gary Gensler for its enforcement-focused approach to regulating the crypto industry.
Legislators seek removal of 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 on Friday:
To fix a long chain of abuses, I’m introducing legislation that removes the chairman of the Securities and Exchange Commission and replaces the role with an executive director who reports to the board (where authority resides). ). Former SEC Chairmen are ineligible.
Rep. Davidson’s tweet was in response to a statement published by SEC Commissioner Hester Pierce on Friday, 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 Posted in connection with crypto regulation.
“Today’s commission is trying to do new things to get entrepreneurs to come and register in our markets,” Pierce wrote. “When entrepreneurs find they cannot, the Commission rules out the possibility of making practical adjustments to our registration framework to help entrepreneurs register, and instead tries to protect their good standing with an enforcement action.” Rewards faith.” The pro-crypto commissioner, also known in the crypto space as “Crypto Mom”, further emphasized:
Today’s commission views the notice-and-comment rule-making process not as a negotiation, but as a threat.
In addition to Commissioner Peirce, many have criticized SEC Chairman Gary Gensler for his enforcement-focused approach to crypto regulation. Congressman Davidson and several other lawmakers have repeatedly urged the securities regulator to stifle innovation and cripple the crypto industry.
The securities watchdog has recently intensified its enforcement actions against cryptocurrency firms. The SEC on Monday charged crypto exchange Bittrex with violating securities laws. The agency recently accused Kraken over its staking program and sent Coinbase a Wells notice regarding possible violations.
By Daniel Warren
