Authorities To Face Crypto, US Congressman Gary Gensler Resigns From SEC Chair Position

SEC chairman Gary Gensler is required to resign from his post. (Photo; Doc. Crypto Times)

JAKARTA - The legal feud between US regulators and crypto industry players is heating up. This has attracted the attention of the crypto community, especially regarding the actions of the United States Securities and Exchange Commission (SEC).

Recently, US representative Warren Davidson advised SEC chairman Gary Gensler to step down from his post as Chairman of the US Securities and Exchange Commission. He considered Gensler's regulatory action against cryptocurrencies unfairly and tended to take sides.

Davidson's view is in line with what many people feel in the crypto community. He has the support for his efforts because many feel that SEC regulations are getting tighter and cannot be separated from the influence of others, while the crypto market wants flexibility and innovation.

This is not the first time Warren Davidson has voiced his criticism of Gary Gensler. Earlier, on June 12, 2023, he proposed a "SeCU Stabilization Act" aimed at removing Gary Gensler from his position as SEC Chair.

In a firm tone, Davidson expressed concern: "US capital market must be protected from authoritarian leadership, including the current situation. It's time to implement real reform by removing Gary Gensler from his position as SEC Chair."

The opinion was conveyed by Davidson a week after the SEC filed lawsuits against Binance and Coinbase. Even Tom Emmer, another representative, joined the bill and called Gary Gensler a regulator with bad intentions.

Furthermore, Warren Davidson also did not express his opinion on social media platform X. "The action of Gary Gensler at the SEC was arbitrary and tended to change," followed by the hashtag #FireGaryGensler. With this, he once again filed a lawsuit to remove Gary Gensler from his position as SEC Chair.

Davidson used a quote from a court statement as the basis for his opinion: "We agree. The SEC's rejection of Grayscale's ETF proposal is considered arbitrary and tends to change, as the Commission fails to explain the differences in treatment of similar products. Therefore, we granted Grayscale's request and canceled the SEC's decision."

Warren Davidson's crackdown reflects the ongoing conflict between regulatory oversight and the need for a conducive crypto environment. This feud underscores the importance of clear and impartial regulations to encourage innovation and protect investor interests.