A crypto-friendly US representative disclosed his intention against the US SEC chairman Gary Gensler.
As we know, recently the United States Securities and Exchange Commission (SEC) chairman Gary Gensler openly confirmed that the SEC agency has taken several enforcement actions against the crypto sector, to ensure the safety of the investors. Gensler also confirmed that the agency will also reconsider changing the definition of “Exchange” so that the regulatory body can drag the crypto Defi sector under enforcement actions.
The US SEC commissioner Hester Peirce also shared her opinion and indirectly confirmed that not all SEC members were in favor of Gensler’s plans.
Coinbase exchange CTO Paul Grewal noted that the SEC commissioner explained the whole game, Gensler played with crypto sector, with the help of only 60 words.
A crypto-friendly United States Representative Warren Davidson responded to Coinbase’s CTO and said that he is introducing a legislation to remove the role of the current SEC chairman and replace the role with an Executive Director that reports to the Board.
Gensler vs Crypto
In early 2021, Gary Gensler joined the SEC agency as chairman. Before the SEC agency, he was responsible for teaching a lecture series titled Blockchain and Money at the Massachusetts Institute of Technology (MIT) in 2018-19.
Initially, people were considering Gensler a crypto-friendly person but under his leadership, the SEC agency took strict action against crypto companies.
In late 2021, Gensler openly said that traditional financial rules under the authority of the SEC agency are enough to regulate the crypto sector.