The members of the United States House of Representatives are trying to remove Gary Gensler from the American securities regulatory body.
Gary Gensler is Chairman of the United States Securities Exchange Commission (SEC). Since April 2021, Gensler has been strictly regulating the crypto sector under traditional securities laws. So far to date this year, the SEC body sued nearly half a dozen crypto firms, which were providing crypto services under a high regulatory framework & also were registered with the corresponding regulatory bodies.
On 12 June 2023, Ohio Republican Warren Davidson Introduced a bill to remove Gary Gensler from the SEC agency.
Through the introduced bill, Davidson stated that the current SEC chairman is misusing his power & position against the crypto sector.
It is worth it to note that Gensler was appointed by the U.S. president and confirmed by the Senate and the most important thing here is there are no laws & rules to kick out any independent government official from his position without any big reason, while the US president may force them to resign but there should be a reason.
On this matter, a legal shared his opinion and said that without any reason it is almost impossible to remove any SEC official from his position, as the supreme court issued an order in 2010 where they confirmed that commissioners could not be removed by the president except for certain circumstances, qualifying as “standard of inefficiency, neglect of duty, or malfeasance.”
Gensler vs crypto
In the past, Gensler taught about Bitcoin & Blockchain at MIT and it was expected that he would push crypto-supportive rules under his leadership, but that was only a misunderstanding of crypto enthusiasts.
In the last week, the SEC body sued BinanceUS, Coinbase exchange over unregistered securities offerings.
So far BinanceUS removed more than 100+ crypto assets trade pairs from the platform, while Coinbase is confident with its services & decided not to bring any new changes to its service. But both the crypto companies are ready to fight against the SEC’s charges in court.