#FireGaryGensler is a hashtag that has gained traction in Twitter. Many industry figures are supporting the move to remove Gensler. Toney Edward is the founder of popular podcast Thinking Crypto, who criticized Gensler because he did not take action against alleged fraudsters but targeted regulated and legitimate companies.
Edward wrote, “Remember folks that corrupt regulator Gary Gensler has not done anything to stop scammers Sam Bankman Fried & FTX Celsius & Alex Mashinsky Do Kwon Terra Luna 3 AC but he is attacking regulated entities/projects who are trying to be the right thing.”
Edward’s remarks follow a tweet posted by U.S. Rep. Warren Davidson on 16 April, in which he revealed plans to introduce legislation aimed removing Gary Gensler’s position as Securities and Exchange Commission Chairman. This was a response to a Tweet from Coinbase’s chief legal officer Paul Grewal who criticized the SEC for its attempts to expand the definition of “exchange.”
Davidson tweeted that he was introducing legislation which would remove the Chairman of Securities and Exchange Commission and instead replace it with an Executive Director who reports to the Board, where the authority resides. He also added that previous SEC Chairs would not be qualified for this new role.
The SEC’s move to define “exchange” could have significant effects on DeFi platforms and services not traditionally regarded as exchanges. This has fueled Davidson’s motivation for Gensler to be removed and may have contributed towards the #FireGaryGensler Twitter campaign.
Gensler argues that the proposed rule amends could benefit both investors and markets, by subjecting certain brokers and exchanges to increased regulatory scrutiny. The crypto community has criticized these amendments, claiming that they are an overreach of SEC’s power.
Hester Peirce of the SEC, also known as “CryptoMom” for her crypto-friendly stances, is one of the loudest critics of these amendments. Peirce said in a statement on April 14 that the SEC’s latest move would promote “stagnation” and “centralization, expatriation and extinction” for the new technology.
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