U.S. Congressman declares 2024 as the best time to dismiss crypto hater Gary Gensler

Warren Davidson has put forth the SEC Stabilization Act and with the help of this act, he aimed to change the United States Securities and Exchange Commission (SEC) structure for the crypto sector.

Warren Davidson is a 53-year-old American politician and former military officer serving as the U.S. representative for Ohio’s 8th congressional district since 2016. He is a member of the Republican Party and is popular in the crypto sector because of his advocacy for the digital assets sector. 

Recently US congressman Davidson has put forth the SEC Stabilization Act and if it gets passed then it will change the SEC’s steering.

In short, Davidson aimed to remove the current crypto hater & SEC chairman Gary Gensler.

By sharing this information, Davison said that the incoming year 2024 is a good time to fight against SEC’s corruption.

2024 would be a great time to #FireGaryGensler, pass the SEC Stabilization Act, hold the SEC accountable for its corruption, and end the accredited investor rule that protects deal flow for the donor class.https://t.co/PT3IvByx1v via @reason

— Warren Davidson (@WarrenDavidson) December 27, 2023

SEC vs crypto

In early 2021, Gary Gensler joined the SEC body and later he secured his permanent position as the SEC chairman. 

In the beginning, people were expecting crypto-friendly actions by Gensler but under his leadership, the SEC body blindly took several enforcement actions against the crypto companies.

However, the SEC body did a great job against those crypto companies which were doing business illegally but strangely the SEC body took some bad actions against those crypto companies which provide crypto services under a highly regulated environment.

For example, the SEC sued Ripple, Kraken, Coinbase, Lbry token in the last three years. In the Ripple case, the SEC body lost the case but in the Lbry token case the Lbry company collapsed badly. 

In some of the big crypto cases, the court judge found that the SEC agency blindly took enforcement action, which showed a very bad picture of Gensler’s leadership.

In the recent week, in the Utah crypto case, the SEC lawyers admitted that they made inaccurate statements in the case. 

Many crypto advocates noted that the SEC body won cases multiple times against the crypto companies easily because the majority of the crypto companies struggled financially, so they blindly settled with penalty charges, instead of spending time & money with top regulatory body.

Because of the SEC’s blind enforcement actions, many crypto companies disappeared from this innovative market, as they failed to manage their expenses along with the legal cases.

Read also: Hong Kong investors investing in cryptocurrencies for only short term