Republican Congressman Warren Davidson has introduced legislation to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his role. The legislation comes in response to proposed rules by the SEC that would redefine the meaning of an "exchange" and bring such entities under increased regulatory scrutiny. Davidson suggested appointing a new Executive Director that reports directly to the SEC's board to replace Gensler, and referenced criticism of the SEC's approach to crypto companies from SEC Commissioner Hester Peirce. Some in the crypto community have expressed concerns about the SEC's actions, with one user suggesting that the SEC has kept the process "so complex that applicants give up."

(By Fredrik Vold)