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.
In any case, this is very good news. Because the U.S. Securities and Exchange Commission, under the leadership of Gary Gensler, has gone too far in litigating cryptocurrencies, considering many of them as securities, as well as crypto exchanges, which allegedly violate the procedure for treating them as securities. And this despite the fact that legislators and the government of the country have not yet decided on a clear classification of cryptocurrency. Apparently, Gary Gensler is trying to replace the lack of regulations in this area with judicial practice, but this can hardly be considered the right decision. . 
Topic: US Congressman Warren Davidson Filed Legislation to Fire Gary Gensler (Read 205 times)
June 16, 2023, 03:03:58 AM
June 16, 2023, 12:59:32 AM
Gary Gensler has had many negative views on the crypto market, including the fact that ICOs must comply with investor protection regulations, exchange trading is not accepted, and strict supervision of funds. crypto investment and many other crypto-related matters. The actions of the SEC could impact the price of the crypto market. When the SEC or other financial regulators issue new regulations, they can affect the purchase, sale and use of cryptocurrencies, and in turn affect their prices. Investors will reassess the risks and returns of investing in cryptocurrencies, and this may drive down their prices.
It is not possible to make an accurate prediction as to how the crypto market will change as the prices of cryptocurrencies depend on a variety of factors, including the influence of services and products. new product, widely accepted and used by users. But seeing how they are SEC showing power regarding crypto, sometimes it makes me really laugh, when they can make a list of different cryptocurrencies and say they are securities, then there will be one day they declared bitcoin as a security.
It is not possible to make an accurate prediction as to how the crypto market will change as the prices of cryptocurrencies depend on a variety of factors, including the influence of services and products. new product, widely accepted and used by users. But seeing how they are SEC showing power regarding crypto, sometimes it makes me really laugh, when they can make a list of different cryptocurrencies and say they are securities, then there will be one day they declared bitcoin as a security.
June 15, 2023, 12:56:35 AM
I do not believe that cryptocurrencies have become so strong that US Congressman Warren Davidson is filing a request to expel a person based on regulatory decisions against cryptocurrency exchanges. I also do not believe that the Securities Exchange Act is an institution that depends on the decisions of one individual, and therefore changing that administration will not change anything.
This news is only propaganda and its main goal is to improve the reputation of these platforms in front of their users.
This news is only propaganda and its main goal is to improve the reputation of these platforms in front of their users.
June 14, 2023, 10:52:15 PM
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.
It is true that process of passing legislation has many stages and requires substantial support of lawmakers to have it passed. However it remains crucial that there are genuine voices raising their genuine concerns about what is going on about crypto currencies regulations in USA. Failure to address these issue may hinder development of innovation and new technologies and potentially leading to flight of capital from USA to alternative destination in Europe or Asia. These destination may welcome the crypto currencies exchanges that are being discouraged to operate in the United States.
June 14, 2023, 07:51:10 PM
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.
June 14, 2023, 09:03:26 AM
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.
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.
June 14, 2023, 06:52:59 AM
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.
June 13, 2023, 04:16:05 PM
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.
June 13, 2023, 03:55:29 PM
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.
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.
June 13, 2023, 02:46:44 PM
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?
June 13, 2023, 01:18:46 PM
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.
June 13, 2023, 12:16:15 PM
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. 
June 13, 2023, 12:00:59 PM
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.
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.
June 13, 2023, 10:12:02 AM
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.
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.
June 13, 2023, 07:08:27 AM
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.
June 13, 2023, 06:47:49 AM
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.
June 13, 2023, 06:46:10 AM
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.
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.
June 13, 2023, 06:15:28 AM
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.
June 13, 2023, 02:18:47 AM
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!
June 13, 2023, 01:43:29 AM
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.
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