While the SEC and Gary Gensler have earned a reputation for ramping up scrutiny in the cryptocurrency realm, things seem to be backfiring for Gensler. In one of the most recent updates, SEC chair Gary Gensler’s position is in jeopardy due to new legislation that will be declared by United States Representative Warren Davidson.
In one of his most recent tweets, Davidson tweeted that he is introducing new legislation that will remove the chairman of the Securities and Exchange Commission and replace the role with an executive director that reports to the board.
Davidson says former SEC chairs are ineligible
Davidson’s tweet was a response to Coinbase’s chief legal officer Paul Grewal’s tweet, where he speaks about Gensler’s intention to revisit the proposed redefinition of an exchange. During a meeting held last week, Gensler stated that the proposed amendments would have a positive impact on both investors and the market. This would be achieved by subjecting certain brokers to increased regulatory scrutiny. In addition, Gensler announced that the definition of an exchange would be updated to modern standards.
Also read: SEC Charges Bittrex Crypto Exchange for Violating Federal Laws
The United States Representative also stated that former chairs of the SEC are ineligible. He stated that the legislation is being introduced to correct a long series of abuses.