US congressmen want Gensler out for overprotective crypto rules.

Congressman Rep. Davidson is planning on filing a legislation to dismiss SEC’s chair Gensler from office. This comes amid Gensler’s recent proposal on echange’s legislation revision.

Highlights

• Congressman Warren Davidson plans to file legislation dismissing SEC chairman Gensler for overreaching his authority over cryptocurrency.
• Davidson believes this will help correct a long series of authority abuses.
• This comes amid the SEC’s recent proposal on echange’s legislation revision.
• The SEC has brought many high-profile proceedings against cryptocurrency businesses including Ripple, LBRY, and Coinbase, for alleged breaches of securities laws.
• At the time, crypto advocacy organizations said it was an abuse of the SEC’s jurisdiction that may jeopardize people’s ability to participate in the space.
• At a meeting on April 14, the proposed rule revisions might benefit investors and markets by modernizing standards.

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