United States Senator Warren Davidson has renewed the call to oust the Securities and Exchange Commission chair, Gary Gensler. The call to action follows the second major court decision against the federal finance regulator.
On August 30, Congressman Warren Davidson lashed out at the SEC head and his actions against the digital asset industry.
Gary Gensler Lambasted After Second Loss
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.”
At the time, he said:
“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), generating more responses.
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.”
“Meanwhile, our corrupt snake of an SEC chair slithers around plotting how to undermine today’s unanimous rebuke of his agency’s incompetence. #FireGaryGensler”
End of US War on Crypto?
The SEC has unleashed a torrent of litigation and enforcement actions specifically targeting crypto companies this year.
Moreover, two of the most prominent lawsuits were against two of the world’s largest crypto companies, Coinbase and Binance. However, 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 aggressive stance towards the crypto industry is unlikely to change with Gensler at the helm.
His next move will likely be to deny or postpone the upcoming list of Bitcoin and Ethereum ETF applications.
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