Grayscale triumphed in its fight against the SEC. With this development, Warren Davidson, Member of the US House of Representatives, and SEC Chairman Gary Gensler were targeted. In addition, Davidson moved again to remove Gary Gensler from his position as SEC Chairman. The Member of the House of Representatives says that Gensler’s action regarding current regulations surrounding the crypto world is unnecessary and biased.
Warren Davidson protests SEC Chairman Gary Gensler!
U.S. House of Representatives Warren Davidson’s stance is resonating with rising sentiments within the crypto community as his efforts have so far only been praised. Davidson points to the market’s desire for more flexibility and innovation. Despite this, he says the SEC’s regulatory actions are becoming increasingly repressive and politically charged.
Warren Davidson’s dissatisfaction with the leadership of SEC Chairman Gensler is nothing new to anyone. He previously introduced the “SEC Stability Act” to fire Gary Gensler from his position as SEC Chairman on June 12, 2023. Davidson expressed his concerns bluntly as follows:
US capital markets need to be protected from an overbearing President, including the current President. The time has come for real reform and the firing of Gary Gensler from the SEC Presidency.
Why does Davidson want the SEC Chair to be fired?
The last day, the Court of Appeal’s decision in favor of the Grayscale ETF application caused a frenzy in the market. The positive news triggered Bitcoin to jump 6% after the judge ruled in favor of Bitcoin Spot ETFs. The panel of three judges voted unanimously in favor of Grayscale. For this reason, cryptocoin.comAs you follow, everyone in the community and crypto X are talking about this event.
Representative Warren Davidson also expressed his opinion in a post on X, saying, “Gary Gensler’s actions in the SEC are arbitrary and capricious.” Then, with the hashtag #FireGaryGensler, he once again called for the dismissal of SEC Chairman Gary Gensler. He used a quote from the last court statement to justify his remarks:
We are in same idea. The (SEC’s) rejection of Grayscale’s ETF proposal was arbitrary and capricious. Because the Commission could not explain its different treatment of similar products. Therefore, we accept Grayscale’s petition and overturn the SEC decision.
Need for clear and impartial regulation
Warren Davidson introduced a bill after the SEC filed suit against Binance and Coinbase. Another Congressman, Tom Emmer, also supported the bill. Emmer described Gary Gensler as a malicious editor in the process.
The Congressman’s persistent efforts to fire SEC Chairman Gary Gensler continue. This reflects the ongoing struggle between regulatory oversight and the need for a crypto-friendly environment. This conflict also highlights the need for open and impartial regulation. Because it is needed to promote innovation and protect the interests of investors.
