Warren Davidson, a US Congressman, has shared a serious post regarding Gary Gensler (the chairman of the SEC). In his recent post on X, the congressman demanded the dismissal of the SEC chair. For a considerable time, the securities regulator of the United States has been facing a huge controversy. The center of the controversy was related to the actions of Gensler against crypto assets.
US Congressman Warren Davidson Says the SEC Chairman Should Be Eliminated
A 3-judge appeal hearing overturned the decision of the SEC on Tuesday in Washington. The securities watchdog decided to restrict a Spot BTC ETF application that Grayscale submitted. Congressman Davidson cited an opinion that Circuit Judge Rao filed concerning the decision of the court. According to the opinion, the court labels the SEC’s reject as capricious and arbitrary.
It added that Gary Gensler did not treat the case of Grayscale like the other applications for spot Bitcoin ETFs. In addition to this, the opinion mentioned that the US SEC recently authorized a couple of BTC futures funds. Nonetheless, on the other hand, the rejection of Grayscale’s application in this respect showed a prejudiced treatment.
As per Grayscale, the ETF product proposed by it is analogous to the others. Hence, it demands approval to start trading on NYSE Arca. Following that, Rao agreed that the SEC remained ineffective in explaining its dissimilar treatment of analogous products. As a result of this, the SEC’s order was vacated while the petition of Grayscale was authorized.
Gensler Is a ‘Tyrannical President,’ Says Davidson
This is not the earliest instance where Davidson has demanded the dismissal of Gary Gensler from the SEC. Back in July last year, he filed a bill to restructure the securities regulator and dismiss the chairman. According to Davidson, Gensler is a tyrannical president. Hence, he thinks that Congress should shield markets from him.
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