US Congressman Calls for Removal of SEC Chair Following Grayscale Ruling
US Congressman Warren Davidson of Ohio has called for the removal of Gary Gensler as Securities and Exchange Commission (SEC) chair following the Grayscale ruling on Tuesday. Congressman Davidson believes that Grayscale’s victory in court provides evidence that Gensler’s actions at the SEC are arbitrary and capricious.
Key Points:
- The court granted Grayscale’s petition and vacated the SEC’s order, giving hope for a Bitcoin spot ETF in the US markets.
- Chair of the House Financial Services Committee, Rep. Patrick McHenry, also criticized Gensler’s actions and emphasized the need for a comprehensive regulatory framework.
- A proposed law, the Financial Innovation and Technology for the 21st Century Act, outlines the role of the SEC and CFTC in regulating the crypto industry.
- Former Senator Pat Toomey praised the court’s ruling for upholding the rule of law and serving American consumers.
- In June, Rep. Warren Davidson and Rep. Tom Emmer proposed a bill to remove Gensler as SEC chair.
Hot Take: The Grayscale ruling has sparked further debate and criticism of Gary Gensler’s leadership at the SEC. This ruling may have implications for the future of Bitcoin spot ETFs in the US markets, and the call for Gensler’s removal reflects growing dissatisfaction within the crypto community.
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