Member of Congress calls for removal of Gary Gensler as SEC Chairman
Member of Congress calls for removal of Gary Gensler as SEC Chairman
Congressman Warren Davidson has called on U.S. lawmakers to pass legislation that would allow Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), to be fired.
The call comes after the SEC filed a lawsuit against Kraken on November 20, despite the cryptocurrency exchange paying $30 million to settle the original lawsuit in February.
Warren Davidson, a Republican and member of the U.S. House of Representatives, reiterated on X (Twitter) his desire to fire the SEC chairman following sharp criticism from John E. Deaton, as the regulator's recent enforcement actions have sparked a number of negative reactions from the broader crypto community.
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It's worth noting that back in June, Davidson introduced the Stabilization Act in the House of Representatives to reform the Securities and Exchange Commission, one of the provisions of which is the removal of Gensler as head of the SEC.
A lawsuit filed Monday by the SEC alleges that Kraken provided services as a securities exchange without first registering with the regulator, in direct violation of U.S. law.
Jesse Powell, co-founder and former CEO of Kraken, commented on the SEC's decision on his social network X (Twitter) page, saying: "I thought we settled for $30 million in February, but for that amount of money, you get about 10 months before the SEC starts extorting money from you again."
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Recall that the cryptocurrency exchange Kraken is the latest in a list of companies accused by the U.S. Securities and Exchange Commission of violating the law. Previously, similar accusations were made against Binance, Coinbase, and Ripple.
Read also: Binance recorded a significant outflow of funds.
