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  • Writer's pictureJamal Saafir

Senator Calls For SEC Chair Gary Gensler's Firing

Updated: Sep 13, 2023

According to a report from BeInCrypto, US Senator Warren Davidson revisits requests to remove SEC chair, Gary Gensler, following the United States Securities and Exchange Commission's second major court loss.

On August 30th, Congressman Warren Davidson spoke out against SEC head Gensler and his actions against the cryptocurrency industry.

“More evidence that Gary Gensler’s actions at the SEC are arbitrary and capricious,” he said, adding the hashtag #FireGaryGensler.

Furthermore, these words were not those of Davidson’s but the verbiage 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.”

This loss is the second within two months for Gensler and his cohorts.

In mid-July, a United States district court ruled on behalf of Ripple Labs in a lawsuit brought against them by Gensler and the Securities and Exchange Commission.

In addition, Senator Davidson originally called for the removal of Gary Gensler in his ‘Stabilization Act’ in June. The bill suggested reorganizing the SEC to a more democratic system rather than having one “tyrannical chairman.”

At the time, Davidson stated:

“The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”

The #FireGaryGensler hashtag had started trending on X (formerly Twitter).

Scott Melker, aka “The Wolf of All Streets,” commented:

“Turns out the law doesn’t agree with the SEC. At all. On almost any enforcement action. Love to see it.”

Later in the same day, Messari founder Ryan Selkis shared the news of the latest crypto banking approval in Hong Kong, while simultaneously taking a jab at Gensler:

“Meanwhile, our corrupt snake of an SEC chair slithers around plotting how to undermine today’s unanimous rebuke of his agency’s incompetence. #FireGaryGensler

The SEC has released a flood of litigation and enforcement efforts specifically focused on crypto companies this year.

Additionally, two of the most notable lawsuits were against two of the world’s largest crypto companies, Coinbase and Binance. Nonetheless, there has been a raft of others, the most recent targeting non-fungible tokens (NTFs), which the agency claims are securities.

Some industry insiders have lamented that the US war on crypto could be over. But the SEC’s combative position towards the crypto industry is not likely to change with Gensler at the wheel.

His next likely move seems to be denying or postponing the upcoming list of Bitcoin and Ethereum ETF applications.

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