US Congressman Warren Davidson of Ohio has called for the removal of Gary Gensler as Securities and Exchange Commission (SEC) chair following the Grayscale ruling on Tuesday.
Reacting to the ruling on Grayscale lawsuit, Congressman Davidson wrote that Grayscale’s victory provides more evidence that Gary Gensler’s actions at the SEC are arbitrary and capricious.
The court had earlier granted Grayscale’s petition and vacated the SEC’s order. The ruling latest ruling has given hope for an imminent Bitcoin spot ETF in the US markets. However, the path to get a green light on one is not yet completely clear.
Chair of the House Financial Services Committee Weighs in on Grayscale Ruling
Rep. Patrick McHenry, R-N.C., chair of the House Financial Services Committee, also reacted to Grayscale’s victory against the SEC saying that SEC Chaira Gary Gensler’s crusade against the digital asset ecosystem is falling apart under scrutiny from the court.
Congressman McHenry also cited the latest ruling as an example why the country needs a comprehensive regulatory framework, like the Financial Innovation and Technology for the 21st Century Act must be adopted as law.
In a proposed law, McHenry and other Republican lawmakers had outlined the role of SEC and CFTC in regulating the crypto industry.
As reported earlier, the bill has cleared two House committees. However, the bill is yet to get approval from the Biden administration before it becomes the law.
Former Senator Pat Toomey also reacted to the ruling saying the Court of Appeals for the District of Columbia upheld the rule of law and properly served American consumers by vacating the “arbitrary and capricious” decision of the SEC denying Grayscale’s application to convert its Bitcoin Trust to an ETF.
US Congressman Reiterates Call to Dismiss Gensler as SEC Chair
Earlier in June, two House Republicans – Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minn – had proposed a bill named “SEC Stabilization Act.”
The proposed legislation called for removal of Gary Gensler as the SEC chair and appoint an “executive director” to oversee the agency’s operations.
Many from the crypto community have also called for dismissal of Gensler from his role at the SEC.