Ohio Representative Warren Davidson has introduced new legislation aimed at ousting Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC).
This follows mounting political pushback against the SEC and its regulatory crackdown on the cryptocurrency industry. Davidson’s bill would replace Gensler with an Executive Director that reports to the Board.
Gensler has been vocal about his intention to regulate the entire crypto industry and views himself as the “cop on the beat.”
However, SEC Commissioner Hester Peirce, also known as “crypto mom,” has been critical of the agency’s war on crypto and its proposed rule to register decentralized finance (DeFi) platforms.
Davidson is one of a growing number of U.S. politicians seeking to prevent the inhibiting of cryptocurrency usage and transactions. The proposed legislation is the latest example of the pushback against the SEC’s regulatory overreach and its impact on the cryptocurrency industry.