- US congressman to introduce legislation to render the SEC chair jobless
- A SEC commissioner Hester Peirce, otherwise known as “crypto Mom” said modern regulators are moving to solve problems “that do not exist”
A US congressman has declared a war on Gary Gensler, the chairman of the US Securities and Exchange Commission(SEC) over the current crypto crackdown in the US. Has the SEC chair bitten more than he could chew?
Warren Davidson, a US lawmaker and also a pro-crypto member of Congress has vowed to render the SEC chair jobless through new legislation over the crypto crackdown in the US, according to Davidson, the SEC chair is getting beyond his reach on cryptocurrency.
Davidson’s response was actually spurred by the recent announcement of the SEC about revisiting the 2022 proposed redefinition of “Exchange”, a move that sparked criticism from crypto lobby groups back then, claiming that the SEC and its boss are getting ahead of themselves.
“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),” the lawmaker stated in an April 14 response to a tweet by Coinbase’s legal chief, Paul Grewal.
According to the SEC chair in a recent meeting, the newly proposed amendment may help investors and markets by attracting certain brokers under additional regulatory scrutiny as well as “modernizing” rules that define an exchange.
Modern Regulators Are Moving to Solve Problems “that do not Exist” – SEC Commissioner
Meanwhile, as always, SEC Commissioner Hester Pierce has reacted to the new rules, according to his April 14 statement, he described the SEC move as “stagnation, centralization, expatriation, and extinction,” adding that modern regulators are moving to solve “problems that do not exist.”
In her statement, the US SEC in the past has always been embracing the “promise of new technology”, unfortunately, the Commission is proposing a rule that will force centralization, embrace expatriates and push new technology into extinction, adding that the SEC’s refusal to alter the current regulations does not give room for new technologies and also altering innovation in businesses.
Hester Pierce is also known as “Crypto Mom” because he has always been a pro-crypto commissioner, even amid the current crypto crackdown by the US SEC, she ceased being an advocate of cryptocurrency.
SEC crypto crackdown has been intense recently, the likes of Paxos, the issuer of Binance USD stablecoin, Kraken exchange, and many more crypto firms have been victims of the SEC crypto crackdown, in fact, some crypto firms are packing up in the US, citing the unfriendly environment created by the US SEC.
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