SEC Chairman Gensler Faces Criticism and Controversy.

U.S. Congressman Warren Davidson is introducing legislation to remove the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, due to a "long series of abuses." The SEC has been criticized for its enforcement-centric approach to regulating the crypto industry. Commissioner Hester Peirce has also criticized the SEC's approach and stressed the need for practical adjustments to the registration framework to help entrepreneurs register. The SEC has recently ramped up its enforcement actions against cryptocurrency firms, charging Bittrex and Kraken with violations of securities laws.