Warren Davidson Renews Call to Oust SEC Chair Gary Gensler
United States Senator Warren Davidson has once again called for the removal of Securities and Exchange Commission (SEC) chair, Gary Gensler. This comes after the SEC faced its second major court defeat. Davidson criticized Gensler’s actions against the digital asset industry and referred to the recent court ruling against Grayscale, stating that the SEC’s denial of their proposal was “arbitrary and capricious.” This is the second court loss for Gensler and his team in less than two months, following the Ripple case ruling in favor of the cryptocurrency company. Davidson had initially proposed removing Gensler through his ‘Stabilization Act’ in June, advocating for a more democratic system within the SEC.
Twitter Reacts to the #FireGaryGensler Hashtag
The #FireGaryGensler hashtag gained traction on Twitter, with many users expressing their dissatisfaction with the SEC chair. Scott Melker, known as “The Wolf of All Streets,” highlighted the disagreement between the law and the SEC’s enforcement actions. Ryan Selkis, founder of Messari, criticized Gensler and his agency’s incompetence while mentioning the recent crypto banking approval in Hong Kong. The hashtag reflects the growing sentiment among the crypto community that Gensler’s leadership is detrimental to the industry.
SEC’s Aggressive Stance Towards Crypto Continues
The SEC has been actively targeting crypto companies through litigation and enforcement actions. Coinbase and Binance, two of the largest crypto companies, have faced lawsuits from the SEC. The agency has also targeted non-fungible tokens (NFTs), claiming they are securities. Despite some speculating that the US war on crypto may be ending, Gensler’s aggressive approach suggests otherwise. His next move is expected to involve denying or postponing Bitcoin and Ethereum exchange-traded fund (ETF) applications.
Hot Take
The call to remove Gary Gensler as SEC chair reflects the dissatisfaction within the crypto community regarding his actions and decisions. The recent court defeats and the trending #FireGaryGensler hashtag demonstrate the growing opposition to his leadership. While some hope for a change in the SEC’s stance towards crypto, it is unlikely to happen under Gensler’s direction. The industry should brace for further challenges and regulatory hurdles as Gensler’s tenure continues.
By
By
By
By
By
By