The congressman Warren Davidson, a politician from the United States, announced on his Twitter account that he has introduced the SEC Stabilization Act to restructure the Securities and Exchange Commission (SEC) and dismiss Gary Gensler, the current SEC chairman. Warren claims that the U.S. securities markets must be protected from a tyrannical president and advocates for the need for real reform.
It is no surprise that the behavior of the current chairman of the U.S. Securities and Exchange Commission is under scrutiny, as he appears to be on a mission to destroy the cryptocurrency industry in North America. In just one week, Gary Gensler and his colleagues have filed lawsuits against BINANCE and Coinbase, accusing both exchanges, which happen to be two of the largest in the universe, of violating various securities rules.
The funny thing about all this is that the alleged laws or rules that the agency claims have been violated are included in a set of laws from 1930's that govern the traditional market, not the digital technological market like cryptocurrencies. The referenced law was created at a time when the internet did not exist, let alone the crypto ecosystem.
The industry has long called for a review of the rules and for them to be made clear for the industry, but the commission led by Gary Gensler turns a blind eye and shows no signs of creating anything that encompasses digital markets. On the contrary, they wield absolute power to force crypto ventures to comply with laws or rules of the traditional capital market. This insistence from Gary and his colleagues has raised several questions and even led to a group of Republican senators calling for him to testify before the Senate to draw his attention to the matter, but he seems to ignore them and is on a mission to destroy the crypto market.
His mission is clearly giving an advantage to other regions that have not stood still. For example, Europe has already created a set of laws that govern the crypto market, as well as the UAE, Hong Kong, Bahamas, and the UK are clearly at the forefront of becoming technological hubs, leaving the United States behind and taking billions of dollars in taxes that could have been paid on American soil.
Therefore, the questionable behavior of the current chairman of the U.S. Securities and Exchange Commission is leading the crypto industry operating in the United States to seek shelter and protection in places where the law already exists and consequently has a greater chance of rapid development.
Warren Davidson's motion to dismiss the SEC chairman and restructure the Securities and Exchange Commission has the support of several other political figures and promises to make noise in the coming days, and it may be successful after all. Gary Gensler has dug his own grave with the stubbornness he has shown towards the crypto market. Surely, many want to see him go!
Therefore, Warren Davidson has done something that many have wanted to do for a long time but didn't have the courage or means to do so. Today, the motion was presented and Gary Gensler's position may be at risk, which pleases many and raises a particular question: who does Gary Gensler take orders from?
As always, make your opinion heard and give your viewpoint. What do you think of Warren Davidson's proposal to dismiss Gary Gensler and restructure the entire U.S. Securities and Exchange Commission? Your opinion matters.
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