Congressman Warren Davidson (R-Ohio) is introducing legislation aimed at replacing Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC).
The congressman took to Twitter to respond to a quote from SEC Commissioner Hester Peirce, who recently announced her dissent against Chair Gensler’s anti-crypto agenda.
Says Davidson,
“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). Former Chairs of the SEC are ineligible.”
In a speech over the weekend, Commissioner Peirce Peirce slammed the regulatory agency for proposing an adjustment to the definition of “exchange” to include decentralized finance (DeFi) protocols.
“Stagnation, centralization, expatriation, and extinction are the watchwords of this release. Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation, force centralization, urge expatriation, and welcome the extinction of new technology. Accordingly, I dissent…
Today’s Commission tells entrepreneurs trying to do new things in our markets to come in and register. When entrepreneurs find they cannot, the Commission dismisses the possibility of making practical adjustments to our registration framework to help entrepreneurs register, and instead rewards their good faith with an enforcement action. Today’s Commission treats the notice-and-comment process not as a conversation, but as a threat.”
At time of writing, there have been no official announcements or releases in regard to Davidson’s bill, other than his comments on Twitter.
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