US Congressman Warren Davidson Filed Legislation to Fire Gary Gensler

[Faisal2202]

Well, as the title says, US Congressman Warren Davidson has filed legislation against SEC and to fire Gary Gensler. He shared this news on Twitter at 10:13 PM · Jun 12, 2023.

This legislation will force SEC to rebuild its laws against digital assets and will reconsider its acts against tokens declared as "securities". Well, no wonder, last week was full of attacks from SEC and the market has bled a lot, many people are saying they have misused their power and some said they were just following orders from other congress.

Congress enacted the Securities Exchange Act of 1934 (the “Exchange Act”) in part to provide for the regulation of the national securities markets. And Congress charged the SEC with protecting investors, preserving fair and orderly markets, and facilitating capital formation, in part through a series of registration, disclosure, recordkeeping, inspection, and anti-conflict-of-interest provisions

Well, the point is, What's good in all the steps against declaring those tokens as securities? (note* i am not in favor of any of those tokens just interested in the story). That's still a mystery for me, but now it has become more interesting, like how things will move now against them and what reaction are we going to see from them, i personally have no information about Congressman Warren Davidson, like how much potential his words and case will put against SEC and Gensler? it could be a trick (artificial case/fake one to take more severe steps to make the market bleed more, as i think these are all the tricks to buy more BTC at a lower price! (i might be wrong and open all ears) or this might be a true case and Warren Davidson really stands for his words. (Or i am being too skeptical?).

Well, its looks like, he really wants Gary to be out of this even though he filed against SEC to reconstruct their laws, and still the main aim is to fire Gary.

Source

There are many ifs, but what if the next SEC chair is the next level avatar of Gary Gensler, (haha) well i think that's why he mainly focused on the structure of making commissioners to follow the Executive Director.

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[bittraffic]

Gensler is backed by people bigger than Davidson though. Its going to be a lobbying war.
He wouldn't try to do all these stuff just to suppress the crypto market but the institutions are also behind him. When he declared ETH to be a security and then changed again, you can tell then something was up.

Maybe the success of this legislation lies to how much is to be negotiated to change the structure. The Mark Cubans of crypto should share  The new structure would be good, it would allow consensus to win and arrive a fair decision.

[Unbunplease]

What is happening now looks like a prearranged play. I think this play will last another 1-2 months, after which a prearranged agreement will be signed. The SEC's actions look too strange. It is unlikely that America is ready to really show the world its weakness in terms of combating cryptocurrencies, because the SEC decisions offered now are characterized by their inflexibility

[adaseb]

I heard about this as it went live and the market barely moved. Especially a token like Binance. I think unless he is actually fires then most likely it’ll go nowhere.

It’s not that easy to fire him. It’ll have to go thru legislation which will take time. And keep in mind that Gary has a lot of power from many people in the high ups. You can’t just easily fire him like you would a McDonald’s workers.

[bluebit25]

Resistance to declaring certain tokens as securities may require the intervention and regulation of financial regulators, such as the SEC. This can require attorneys and financial professionals to make the right legal choices to prevent abuse or risk to investors. Regarding Warren Davidson's advice and filing against the SEC, this could also be his objection to the SEC's regulatory process in the crypto space. However, it is your right and this must be respected. Focusing on the structure and commissioners of the SEC to comply with the right legislation can be a fundamental solution to the problem associated with declaring tokens as securities. However, some questions still need to be answered and the process needs to be done carefully and methodically to ensure transparency and fairness for all stakeholders.

[stompix]

This legislation will force SEC to rebuild its laws against digital assets and will reconsider its acts against tokens declared as "securities".

Where does it say so?

https://davidson.house.gov/2023/6/rep-davidson-introduces-sec-stabilization-act-to-remove-chair-gary-gensler/4029f50c-ad54-49f9-aad1-37826e0cd13c
https://emmer.house.gov/press-releases?id=F9BD4F5B-0C81-4DE5-8F65-E78B064CB060

I can't find the word token or digital or crypto anywhere!

[davis196]

This might sound like a dumb conspiracy theory, but I think that Davidson's proposal might have something to do lobbyism on behalf of Binance and Coinbase. They have enough money to activate a bunch of congressmen like Warren Davidson to defend their interest and try to fire Gensler. The smart thing is that nothing is written about crypto, tokens, etc. so there's no direct connection to the SEC vs. Binance.us/CZ lawsuit. Gensler is being portrayed as a tyrannical figure(which is something I'm not sure about). What if Gensler gets fired and a more anti-crypto person gets elected as a SEC chairman? AFAIK, Gary Gensler isn't the biggest crypto hater in the world.

[bettercrypto]

Because Warren Davidson saw that Gengsler was abusing the position of SEC chairman, so he himself took action regarding that matter. Which for me is a good thing Davidson did, although I know this warren is pro cryptocurrency.

It's like Gary Gengsler is no longer on the hook, in fact what he's doing about what he's doing with the well-known crypto exchanges in the U.S. One of them is Binance and Coinbase, so he thought he wouldn't calm down, so it's a fierce battle happenings and seeing if coinbase and binance can get through it.

[Gyfts]

This might sound like a dumb conspiracy theory, but I think that Davidson's proposal might have something to do lobbyism on behalf of Binance and Coinbase. They have enough money to activate a bunch of congressmen like Warren Davidson to defend their interest and try to fire Gensler. The smart thing is that nothing is written about crypto, tokens, etc. so there's no direct connection to the SEC vs. Binance.us/CZ lawsuit. Gensler is being portrayed as a tyrannical figure(which is something I'm not sure about). What if Gensler gets fired and a more anti-crypto person gets elected as a SEC chairman? AFAIK, Gary Gensler isn't the biggest crypto hater in the world.

Not exactly a conspiracy -- lobbyists groups are behind most legislation in U.S. politics, going so far as to writing bills for the U.S. congress to rubber stamp not having actually read the proposed legislation. That's normally how U.S. politics works anyways. These congresspeople don't have the technical knowledge of the markets or crypto to rely solely on their own knowledge and intuition.

Even if it's a lobbying group behind Warren Davidson's efforts, his reasonings for wanting to fire Gensler are not unreasonable: https://twitter.com/WarrenDavidson/status/1648379560122105882?s=20

As a side note, are we really surprised a former Goldman sachs executive appointed by Joe Biden is anti-crypto? He doesn't have to be the biggest crypto hater in the world to do some damage unfortunately.

[Sayeds56]

Gensler is backed by people bigger than Davidson though. Its going to be a lobbying war.
He wouldn't try to do all these stuff just to suppress the crypto market but the institutions are also behind him. When he declared ETH to be a security and then changed again, you can tell then something was up.

Maybe the success of this legislation lies to how much is to be negotiated to change the structure. The Mark Cubans of crypto should share   The new structure would be good, it would allow consensus to win and arrive a fair decision.

While it is true that what Genseler is doing is supported by influential individuals and institutions, it is important to note that ultimate goal is to establish regulation and  distinguish between security and non-security tokens in crytpo space, which I think is in the best interest of all stake holders. The ongoing discussions and regulatory  efforts aim to provide clarity and establish well regulated environment,which is essential for sustained growth of crypto industry.  

Regarding Ethereum, SEC has never officially declared it as security.

[Z390]

Gensler is not the only enemy here, there are powerful people pulling the strings behind the walls, this is going to be a tough battle from now on and if somehow we win, it won't be the end, remember that Gensler can be replaced but the come back will be to hurt crypto even more in the future.

I still feel like the best approach to tackle this issue is coming to some form of agreement between the court and the SEC, the power given to SEC is way bigger that many know, and they can find other ways to hurt the market if they want, the agreement will cool everything off.

[el kaka22]

I think it is not that important who they are firing but the structural changes matter even more. Even if they had a great one, it's quite important to spread the power into multiple people instead of having just one person.

This way it would allow the SEC to be controlled by multiple people and that will benefit the nation even more. If they are aiming at 6, that means you would need 4 people out of those 6 to decide on something to act like Gary did, in most cases I would agree with that because that is the majority and you have to accept the wishes of the majority even if you disagree with them, that is democracy and even with its flaws, there isn't anything better so far. I believe that the best thing to do right now is to change the structure right away, would be lovely.

[Yogee]

This might sound like a dumb conspiracy theory, but I think that Davidson's proposal might have something to do lobbyism on behalf of Binance and Coinbase. They have enough money to activate a bunch of congressmen like Warren Davidson to defend their interest and try to fire Gensler.

I wouldn't be surprised if someone or a team was already tasked to find the connection between Davidson and Binance or Davidson and Coinbase at the time of filing. Maybe some news about campaign donations coming from these two companies or their owners will be out in a couple of days? Hehe.

[Flexystar]

I mean why not? They have just made very good decision to change the hierarchy that’s being shown in the chart as mentioned in OP. The SEC has gone wild while making their decisions on the digital assets. I mean if you keep reading about the SEC directory then you will see they have declared every other crypto currency as security one after another and making it worse now with Bitcoin too. They are trying so hard to put down bitcoin too and keep trying to collect the bad evidences against it to make it look like as more of a security. I’m not sure how far this is going to be but it has to end now. This is why the decision by OHIO chair has taken is right on the path. Hope so they are taking appropriate steps in building proper infra if this really gets approved.

[bittraffic]

Gensler is backed by people bigger than Davidson though. Its going to be a lobbying war.
He wouldn't try to do all these stuff just to suppress the crypto market but the institutions are also behind him. When he declared ETH to be a security and then changed again, you can tell then something was up.

Maybe the success of this legislation lies to how much is to be negotiated to change the structure. The Mark Cubans of crypto should share   The new structure would be good, it would allow consensus to win and arrive a fair decision.

While it is true that what Genseler is doing is supported by influential individuals and institutions, it is important to note that ultimate goal is to establish regulation and  distinguish between security and non-security tokens in crytpo space, which I think is in the best interest of all stake holders. The ongoing discussions and regulatory  efforts aim to provide clarity and establish well regulated environment,which is essential for sustained growth of crypto industry.  

Regarding Ethereum, SEC has never officially declared it as security.

One significant win for crypto I think will be the XRP win against the lawsuit because if Ripple succeeded, all the rest that SEC is targeting may just also win. The lack of his clarity and all Gensler's lies will also be biting him. IOHK and Binance are the richest in crypto.

Meanwhile, they will also be questioning Davidson's motive in this legislation. Bitcoin is very political these days, is he running this coming election?

[Bitstar_coin]

Because Warren Davidson saw that Gengsler was abusing the position of SEC chairman, so he himself took action regarding that matter. Which for me is a good thing Davidson did, although I know this warren is pro cryptocurrency.

It's like Gary Gengsler is no longer on the hook, in fact what he's doing about what he's doing with the well-known crypto exchanges in the U.S. One of them is Binance and Coinbase, so he thought he wouldn't calm down, so it's a fierce battle happenings and seeing if coinbase and binance can get through it.

And here is a reverse version of this conspiracy theory, what if Gensler is a weapon used by the government to indirectly cripple crypto in general by taking out the 2 top exchange first? Binance and coinbase are the biggest exchange in crypto, taking them both down will make it more easier for the rest exchange to go down,

Installing fear on the entire crypto community, making people panic sell all their coins, btc or not.
The motive behind this attack can mot be fully known, it may take different form.

[Franctoshi]

The current SEC Chair Gary Gensler really need get fired Imo, because he has many times exhibited some forms of inconsistency in his handling of his job, going here and there cracking down on crypto exchanges with its law suits without coming out with regulatory clarity and causing a lot of confusion in the industry. it's really high time that the congress Men should do something about it and to get him to be on his toes or sit up for the  job or they should put someone else who is capable of handling that position.

[Broly46]

this is all just the backstabbing in the corporate world. very very ugly! obviously all of them are breadwinner and they need their paycheck job badly, they can't afford to loss them at time like now.

[slapper]

Because Warren Davidson saw that Gengsler was abusing the position of SEC chairman, so he himself took action regarding that matter. Which for me is a good thing Davidson did, although I know this warren is pro cryptocurrency.

It's like Gary Gengsler is no longer on the hook, in fact what he's doing about what he's doing with the well-known crypto exchanges in the U.S. One of them is Binance and Coinbase, so he thought he wouldn't calm down, so it's a fierce battle happenings and seeing if coinbase and binance can get through it.

And here is a reverse version of this conspiracy theory, what if Gensler is a weapon used by the government to indirectly cripple crypto in general by taking out the 2 top exchange first? Binance and coinbase are the biggest exchange in crypto, taking them both down will make it more easier for the rest exchange to go down,

Installing fear on the entire crypto community, making people panic sell all their coins, btc or not.
The motive behind this attack can mot be fully known, it may take different form.

Assuming Gensler is a government stooge sent to destroy crypto is a bold move. The SEC's mission is investor safety and market integrity. The only thing Gensler is doing is enforcing the rules of the game. To be sure, Davidson seems to be the hero who stands up to the wrongdoers. A more tamed version of this market might be Gensler's goal. Keep in mind that despite their prominence, even Coinbase and Binance are not exempt to the law. The government's minds are not open to us, agreed. But assuming anti-crypto conspiracies so soon is unrealistic. Perhaps this is a sign of increased oversight rather than a cryptoslaughter!

[hatshepsut93]

The "news" about any legislator proposing a bill are generally not worth attention, especially if it's a loud and controversial piece of legislation. Because it takes only one person to propose and hundreds of members to actually pass it, and getting hundreds of people to agree on something is very hard.