- The #FireGaryGensler movement has gained momentum on Twitter.
- U.S. Representative Warren Davidson plans to introduce legislation to remove SEC Chair Gary Gensler.
- In addition, Davidson said that an Executive Director would be appointed to replace the SEC Chair.
The #FireGaryGensler hashtag has gained traction on Twitter, with several industry figures supporting the move to remove Gensler. Among them is Toney Edward, the founder of the popular Thinking Crypto Podcast, who criticized Gensler for not taking action against alleged scammers but targeting regulated and legitimate entities.
“Remember folks, corrupt regulator Gary Gensler didn’t do anything to stop scammers Sam Bankman-Fried & FTX, Celsius & Alex Mashinsky, Do Kwon Terra Luna, 3 AC, but he is attacking regulated and legit entities/projects which are trying to do the right thing,” Edward wrote.
Edward’s comments follow an April 16 tweet from U.S. Representative Warren Davidson, who revealed plans to introduce legislation aimed at removing Gary Gensler from his position as Securities and Exchange Commission (SEC) Chair. This was in reply to a tweet from Coinbase’s legal chief Paul Grewal, which criticized the SEC’s attempts to broaden the definition of an “exchange.”
Davidson tweeted, “To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides).” He added that previous SEC chairs would not be eligible for this new position.
The SEC’s move to redefine “exchange” could have significant consequences for DeFi platforms and other services not traditionally considered exchanges. This has fueled Davidson’s motivation to remove Gensler and may have contributed to the #FireGaryGensler movement on Twitter.
Gensler has argued that the proposed rule amendments could benefit investors and markets by subjecting certain brokers to additional regulatory scrutiny and modernizing the rules defining an exchange. However, these amendments have faced criticism from the crypto community, which views them as an overreach of the SEC’s authority.
One of the most vocal critics of the amendments is SEC Commissioner Hester Peirce, known as “Crypto Mom” for her pro-crypto stances. In an April 14 statement, Peirce described the latest move by the SEC as promoting “stagnation, centralization, expatriation, and extinction” of the new technology.
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