Gensler to be removed as SEC Commissioner?

United States Representative Warren Davidson recently announced he'll be introducing a Bill to remove Gary Gensler as SEC chairman in response to Gensler's abuses of power as Chair of the SEC.

You can check out his rational for introducing the Bill and a summary of Gensler's abuses on Twitter, but it basically boils down to the fact that Gensler is setting too many new investment rules too fast with too little consistency and allowing vested interests too little time to provide input into his decisions....

https://twitter.com/WarrenDavidson/status/1648379560122105882?s=20

According to Davdison this has resulted in an uncertain investment environment in the U.S. with capital leaving the country and it is stifling innovation.

We of course know this from his attitude towards crypto - Gensler's failure to provide regulatory clarity and then hit, out of the blue, exchanges with law suits that label certain cryptos as securities without having gone after the initial ICO companies themselves has created what he calls a 'hotel California' approach to crypto regulation - lack of regulation for the last decade has made it easy to check in, random regulation now makes it difficult to check out, possibly impossible if you're a U.S. Binance customer and scared enough to stick to the letter of law when using the platform!

If you follow the Twitter feed you can basically see that Davidson is entirely justified - in one clip Gensler is questioned on wether ETH is a security, and he fails to give any sense of clarity.

A more decentralised SEC...?

The Bill proposes removing Gensler and all five current commissioners and creating instead a structure consisting of a separate executive director position who answers to six commissioners.

Personally I kind of like the sound of the new structure: it's more decentralised and in thus in line with crypto.

Of course the problem is that it could mean new legislation is slower in coming, so it might end up unintentionally stifling rapid innovation when it's needed.

Will it pass?

I honestly don't know - this one goes to the heart of American Politics: executive power verses decentralisation - Davidson himself is a small-government democrat, and that kind of sentiment may appeal to enough people across parties for this to get through?

Something needs to change at the SEC, that's for sure, I'm not sure crypto can handle another two years of this Gensler twat.