US Congressman: It's Time For Gary Gensler To Be Fired From SEC Chair

Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler. (Photo; Doc. Bitcoinist)

JAKARTA - Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler has angered congress member Warren Davidson for the SEC's actions that have hampered the crypto industry. Recently, the SEC sued Kraken, a leading crypto exchange in Uncle Sam's country. Previously, the SEC had dragged Ripple to court.

Therefore, Warren Davidson urged the congress to pass a bill related to SEC actions. He also urged the congress to sack Gary Gensler from the position of chairman of the US Securities and Exchange Commission.

"Now is the right time to pass my SEC Stabilization Act and dismiss Gary Gensler," Davidson said, quoted by Bitcoin News.

The insistence on Gary Gensler has strengthened after the market supervisory agency he leads filed a lawsuit against the Kraken crypto exchange. The lawsuit was filed twice in the past 10 months.

On Monday, November 19, the SEC filed their second lawsuit against Kraken for operating a crypto trading platform "as an unregistered exchange, broker, dealer, and clearing agent."

The first lawsuit in February was related to the staking program on the crypto exchange. Kraken itself was forced to pay a fine to settle the SEC's lawsuit of $30 million or around Rp. 467 billion.

Jesse Powell Calls Extortion

Commenting on the lawsuit from the SEC, Kraken founder and former CEO Jesse Powell expressed his frustration through social media X. The top US leader returns with another attack on America... I think we have finished all their lawsuits with $30 million in February. Now they are coming again for the second time?"

It doesn't stop there, Powell expresses his frustration with the SEC. He stressed: "A clear message: $30 million can only keep you safe for about 10 months before the SEC comes back to blackmail you. Lawyers can do a lot with $30 million, but the SEC knows that a real fight is likely to cost more than $100 million, and a valuable time. If you can't afford it, [then] free crypto companies from the US war zone."

The SEC's actions against the crypto industry have angered various parties. The reason is, until now the SEC has not issued clear regulations regarding what the crypto industry may and cannot do. This condition has forced crypto industry players to be confused due to the lack of clarity on crypto rules in the US. In addition, the SEC as the regulator often takes action against crypto companies arbitrarily.