• US Representative Warren Davidson is introducing a bill to remove SEC Chairman Gary Gensler for crypto overreach.
• The SEC has been cracking down on major crypto players this year, and the Ripple Labs Inc case initiated under Gensler has raised suspicions.
• ‘The Gensler Files’ could provide documents that implicate the SEC Chairman in wrongdoing.
US Representative Seeks to Fire SEC Chairman
US Representative Warren Davidson is introducing legislation to remove Securities and Exchange Commission (SEC) Chairman Gary Gensler for what many consider crypto overreach in the Ripple XRP case.
SEC Crypto Crackdown
This year, the SEC has initiated a series of crackdowns on major crypto players, including Coinbase Global Inc Chief Legal Officer Paul Grewal’s comments on a note from SEC Commissioner Hester Peirce regarding an anti-innovation stance taken by the commission.
Critics of Gary Gensler have suggested that „The Gensler Files“ could provide documents that implicate the SEC Chairman in wrongdoing, such as Kraken’s staking product which led to a $30 million settlement or turning down Bitcoin Exchange Traded Fund (ETF) products.
The manner in which Gary Gensler has handled certain cases with the regulator have raised suspicion among members of the public that his actions may be motivated by something other than protecting investors‘ interests.
It remains unclear whether or not this proposed legislation will gain enough support to pass, but its introduction speaks volumes about how deeply opposed members of the digital currency ecosystem are to Gary Gensler’s tenure as SEC Chairman.