"The SEC chairman wants to be fired for being too loud?"
The cryptocurrency community expressed its displeasure when the chairman of the Securities and Exchange Commission (SEC) of the United States (US) Gary Gensler tried to redefine what an 'exchange' is in order to expand its jurisdiction.
That streak, US representative Warren Davidson introduced legislation that would have fired Gensler and restructured the role to have the Executive Director report to the Board rather than the chairman.
This is because regulators in the US have acted aggressively continuously against various crypto exchange companies such as Ripple (XRP) and Coinbase since FTX experienced an overnight collapse in November 2022.
It is well known that the SEC has accused XRP and its executives of conducting an unregistered securities offering following the sale of the digital asset to investors during an initial coin offering (ICO).
While the SEC also ordered Paxos to stop printing the Binance USD (BUSD) stablecoin and fined the Kraken staking service.
As such, Davidson appears to be proactively moving to remove Gensler and reorganize the SEC, where Gensler will be called to answer questions about the regulation of the crypto ecosystem during a congressional hearing on April 18.
In the meantime, Hester Peirce or better known as 'Crypto Mom' has been campaigning against the SEC's aggressive approach to digital assets which has various negative impacts on the crypto market.
