Rep. Warren Davidson (R-Ohio) announced legislation to remove Securities and Exchange Commission (SEC) chair Gary Gensler in a tweet on April 16.
There, Davidson wrote:
“To correct a long series of abuses, I am introducing legislation that removes the Chairman of the [SEC] and replaces the role with an Executive Director that reports to the Board (where authority resides).”
Davidson also said that former SEC chairs are “ineligible” for the downgraded position. If the legislation were to succeed, Gensler would no longer be able to serve in a leadership capacity at the Commission but presumably could serve in another role.
Davidson announced the legislation in response to comments from Coinbase CLO Paul Grewal and dissenting SEC commissioner Hester Peirce. Both have criticized Gensler’s SEC over its pursuit of a broadened definition of “exchange.” That broadened definition could explicitly affect DeFi platforms and other services not typically considered exchanges.
The legislation in question has not yet been published.
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