Congressman Davidson will introduce legislation to fire SEC Chief Gensler for exceeding his authority in the cryptocurrency space.
In an April 15 tweet responding to Coinbase legal chief Paul Grewal, the crypto-friendly congressman announced his intention to have Gensler removed from office. This comes after the SEC's latest announcement to revise its proposed new definition of "exchange."
“To correct a long line of abuses, I am introducing legislation that would remove the Chairman of the SEC and replace that role with an Executive Director who reports to the Board of Directors,” Davidson tweeted.
“Former SEC chairmen are not eligible to hold this position,” he added.
Gensler said at the April 14 meeting that the proposed rule changes could benefit investors and markets by bringing some brokers under additional regulatory oversight and by "modernizing" the rules that define what an exchange is.
Similar amendments were proposed in January 2022. At the time, cryptocurrency advocacy groups said it was an overreach of the SEC's authority and could jeopardize participation in the space.