US Lawmaker Introducing Legislation to Remove SEC Chairman Due to ‘Long Series of Abuses’

A U.S. lawmaker has announced that helium is introducing authorities to region the Securities and Exchange Commission (SEC) president successful bid to “correct a agelong bid of abuses.” The SEC, nether Chair Gary Gensler, has been heavy criticized for its enforcement-centric attack to regulating the crypto industry.

Lawmaker Seeks to Remove SEC’s Chairman

U.S. Congressman Warren Davidson (R-OH) has revealed that helium is introducing authorities to region the president of the U.S. Securities and Exchange Commission (SEC). The lawmaker from Ohio tweeted Friday:

To close a agelong bid of abuses, I americium introducing authorities that removes the president of the Securities and Exchange Commission and replaces the relation with an Executive Director that reports to the Board (where authorization resides). Former chairs of the SEC are ineligible.

Rep. Davidson’s tweet was successful effect to a statement by SEC Commissioner Hester Peirce, published Friday, regarding crypto regularisation aft the securities watchdog reopened a 30-day nationalist remark play for an amendment to the regulatory definition of “exchange” to see decentralized concern (defi) platforms nether the SEC’s control.

“Today’s Commission tells entrepreneurs trying to bash caller things successful our markets to travel successful and register,” Peirce wrote. “When entrepreneurs find they cannot, the Commission dismisses the anticipation of making applicable adjustments to our registration model to assistance entrepreneurs register, and alternatively rewards their bully religion with an enforcement action.” The pro-crypto commissioner, who is besides known successful the crypto abstraction arsenic “Crypto Mom,” further stressed:

Today’s Commission treats the notice-and-comment rulemaking process not arsenic a conversation, but arsenic a threat.

Besides Commissioner Peirce, galore person criticized SEC Chairman Gary Gensler for his enforcement-centric attack to crypto regulation. Congressman Davidson and respective different lawmakers person repeatedly urged the securities regulator to halt stifling innovation and crippling the crypto industry.

The securities watchdog has precocious ramped up its enforcement actions against cryptocurrency firms. On Monday, the SEC charged crypto speech Bittrex with violations of securities laws. The bureau besides precocious charged Kraken implicit its staking programme and sent a Wells announcement astir potential violations to Coinbase.

Do you deliberation the SEC president should beryllium removed? Let america cognize successful the comments conception below.

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