Congressman Warren Davidson Calls for Gary Gensler’s Firing Amid Crypto Clash• September 2, 2023 11:20 pm • Comments
US Congressman Warren Davidson of Ohio has called for the removal of Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), over his controversial actions regarding cryptocurrencies.
This call for Gensler’s removal comes in the wake of a recent court decision that overturned the SEC’s denial of Grayscale’s Spot-Bitcoin ETF application.
The appeals panel in Washington ruled against the SEC’s decision to block Grayscale’s ETF proposal, with Circuit Judge Rao stating that the SEC’s denial was “arbitrary and capricious.”
The court found that the Commission failed to provide a reasonable explanation for treating similar products differently, leading to the approval of Grayscale’s petition and the vacation of the SEC’s order.
US Congressman Warren Davidson calls to fire SEC Chair Gary Gensler following Grayscale's win against the SEC#GaryGensler #Grayscale #Bitcoin #BitcoinETF #SEC #FireGaryGensler pic.twitter.com/Wh3m8GNX2x
— cryptomigo (@cryptomigo21) August 31, 2023
Congressman Davidson cites an opinion for the court filed by Circuit Judge Rao on its decision.
The opinion says that the court agrees that the SEC’s denial of Grayscale’s ETF proposal was “arbitrary and capricious. It adds that the Commission failed to explain its different treatment of similar products.
Hence the court approved Grayscale’s petition and vacated the SEC order.
This isn’t the first time that US Congressman Davidson has shared his disapproval of SEC chair Gensler or said that the SEC should fire him.
This past July, he filed legislation that would restructure the SEC and fire its chair. Davidson called Gensler a “tyrannical chairman” whom Congress must protect the markets from.
This isn’t the first time Congressman Davidson has expressed his disapproval of Chair Gensler’s leadership at the SEC. In July, he introduced legislation aimed at restructuring the SEC and removing Gensler from his position, calling him a “tyrannical chairman” who Congress should protect the markets from.
The concern surrounding Gensler’s actions and their potential impact on the cryptocurrency industry has been a consistent theme in Davidson’s statements. There is growing worry that the SEC’s approach is driving digital asset development away from the United States.
On August 30, Congressman Davidson criticized Gensler’s actions once again, sharing the court’s opinion that labeled them as “arbitrary and capricious” and using the hashtag #FireGaryGensler.
This criticism follows another recent legal setback for Gensler, where a U.S. district court ruled in favor of Ripple in a case brought by the SEC.
Davidson originally called for Gensler’s removal in June through his “Stabilization Act,” which proposed restructuring the SEC to have a more democratic system instead of a single “tyrannical chairman.”
Breaking: US Congressman Warren Davidson calls to fire SEC Chair Gary Gensler following Grayscale's win against the SEC. 🏋️♀️🍿👀
— MartyParty (@martypartymusic) August 29, 2023
Moreover, these were not Davidson’s own words but those of the Grayscale court ruling, which read:
“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.”
It is the second time in less than two months that Gensler and his team of crypto cops have lost in court. In mid-July, a US district court ruled in favor of Ripple in a case brought against them by Gensler and the SEC.
Additionally, Senator Davidson originally called for removing Gary Gensler in his ‘Stabilization Act’ in June. The bill proposed restructuring the SEC to a more democratic system rather than having one “tyrannical chairman.”
His intention was to ensure that the SEC’s priorities align with protecting investors rather than being driven by the chair’s individual preferences.
The #FireGaryGensler hashtag has gained traction on social media, with various crypto industry figures and enthusiasts expressing their support for Davidson’s stance.
Some have criticized the SEC’s aggressive approach towards the cryptocurrency industry under Gensler’s leadership, highlighting ongoing litigation and enforcement actions against crypto companies, including major players like Coinbase and Binance.
Despite the calls for Gensler’s removal, it remains to be seen whether any action will be taken to change leadership at the SEC.
The SEC’s stance on cryptocurrencies and its handling of ETF applications for Bitcoin and Ethereum continue to be subjects of significant debate within the crypto community.
Warren Davidson – A U.S. congressman said he put up the hashtag FireGaryGensler (fire Gary Gensler) after Grayscale won a lawsuit against the SEC.
Likewise, U.S. House Financial Services Committee Chairman Patrick McHenry called Gary Gensler's actions "a crusade against a… pic.twitter.com/fXBB5Z7jaM
— Meta Joker 🇺🇦 (@MetaJoker777) August 31, 2023
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