Congressman Warren Davidson has reignited his efforts to remove U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. This comes in response to the scathing criticism launched by pro-XRP attorney John E. Deaton, who has accused Gensler of exploiting Kraken’s settlement and tarnishing the reputation of the regulatory agency.
The recent enforcement action taken by the SEC against Kraken, specifically targeting its staking-as-a-service program, has ignited a firestorm of reactions. Kraken now joins the ranks of Binance, Coinbase, and Ripple as crypto-focused entities under the watch of the regulatory agency.
Read Also: John Deaton On Ripple Victory: XRP is a Utility Token At Its Core
Deaton’s Blistering Attack on Gensler
In a scathing critique of Gensler, John Deaton, founder of CryptoLaw, did not hold back. He labeled the SEC chairman as a “despicable and dishonorable regulator,” accusing him of taking advantage of Kraken’s belief that it had escaped further SEC enforcement by settling previous charges.
Deaton acknowledged Kraken’s decision to settle, understanding the immense financial burden that comes with fighting the SEC. He emphasized the exorbitant legal costs Ripple has incurred in its ongoing battle with the regulatory agency, shedding light on the disproportionate impact such actions have on businesses.
@GaryGensler is a despicable and dishonorable regulator. He knew that @krakenfx believed it was buying peace for the $30M. I know some people are critical of it’s choice to settle and pay the $30M. I wanted them to fight as well. But when you decide to fight, $30M takes you only… https://t.co/WeF4YTMfip
— John E Deaton (@JohnEDeaton1) November 21, 2023
Rep. Davidson’s Renewed Push for Gary Gensler’s Removal
In response to Deaton’s scathing comments, Congressman Warren Davidson revived his call for Gensler’s ouster through the SEC Stabilization Act, a bill he introduced in June. The act aims to reform the SEC, including provisions for the removal of Chairman Gensler.
Davidson argues that the recent actions taken by the SEC against Kraken only serve to underscore the urgency of removing Gensler from his position. He firmly believes that Gensler’s regulatory ideology poses a significant threat to the growth and innovation of the crypto industry.
Now would be a great time to pass my SEC Stabilization Act and #FireGaryGensler. https://t.co/6Kic1rxGXU
— Warren Davidson 🇺🇸 (@WarrenDavidson) November 21, 2023
Read Also: XRP To Reach $10,000 or Attain Ethereum Valuation? John Deaton Has This To Say
Growing Chorus for Change
The sentiments expressed by Deaton and Davidson reflect a growing chorus within the cryptocurrency community, calling for a change in leadership at the SEC. Gensler’s aggressive approach to enforcement, particularly in relation to staking services, has drawn criticism from industry experts and lawmakers alike.
As the SEC flexes its regulatory muscle, the debate surrounding Gensler’s tenure is set to intensify. The future of the cryptocurrency industry in the United States hangs in the balance, as the outcome of this ongoing power struggle will undoubtedly shape the landscape for years to come.
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