US Congress Proposes Dismissing Gary Gensler

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US House of Representatives member Warren Davidson has once again called for the removal of Gary Gensler from his post as head of the SEC following a positive court verdict for Grayscale in its conversion of GBTC tokens into an ETF.

Davidson commented on this news, stating that it is “further evidence that Gary Gensler’s actions at the SEC are unlawful and arbitrary,” and including the hashtag #FireGaryGensler in his post.

This is the second loss for the regulator against the crypto industry, following the Ripple “partial victory” from its 2020 case involving the distribution of unregistered platform tokens.

In April, Davidson had already proposed a bill to dismiss Gensler in response to the head of the SEC’s intention to reconsider the definition of “exchange,” sparking criticism from the crypto community.

On April 14, Gensler indicated that these new rule changes could be beneficial to investors and markets by holding some brokers accountable.

The Commission had proposed similar amendments in January 2022, which Coin Center deemed unconstitutional and exceeding the SEC’s authority. Following this, in mid-June, Davidson and other legislators introduced a bill to fire Gensler and restructure the agency.