SEC's Gensler Faces Criticism and Pushback Over Crypto Regulations

US Representative Warren Davidson has announced plans to introduce legislation to remove Securities and Exchange Commission (SEC) chair Gary Gensler from his role, citing a "long series of abuses." The move comes after the SEC's latest announcement about revisiting the proposed redefinition of an "exchange," which has been criticized by crypto advocacy groups and SEC commissioner Hester Peirce. Peirce accused the SEC of expanding its reach to solve problems "that do not exist" and using enforcement actions to develop the law on a case-by-case basis rather than creating clear regulations.