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US congressman urges Gensler’s SEC exit amid Grayscale ruling

us-congressman-urges-genslers-sec-exit-amid-grayscale-ruling
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US congressman urges Gensler’s SEC exit amid Grayscale ruling

US Congressman Warren Davidson renews calls for SEC Chair Gary Gensler’s removal following a court ruling in favor of Grayscale.

Davidson, representing Ohio, stated that the court’s decision further substantiates the claim that Gensler’s actions at the SEC are arbitrary and lack consistency.

This marks the second legal defeat for Gensler and his team within two months. In July, a US district court ruled in favor of Ripple, another cryptocurrency firm, in a lawsuit initiated by the SEC.

Additionally, Senator Davidson originally called for removing Gary Gensler in his ‘Stabilization Act’ in June. The bill aimed to overhaul the SEC’s structure, advocating for a more democratic system rather than having a single “tyrannical chairman.”

Davidson stated then, “The SEC Stabilisation Act will make common-sense changes to ensure that the SEC’s priorities align with the investors they are mandated to protect, rather than the unpredictable actions of its current Chair.”

Grayscale filed a lawsuit against the SEC in June 2022 after the commission rejected its proposal to convert GBTC into an ETF. As part of the lawsuit, Grayscale issued a petition for review, urging the court to scrutinize the SEC’s decision.

A three-judge panel for the DC Circuit Court of Appeals granted Grayscale’s petition for review Tuesday while also ordering that the SEC’s “order be vacated.”

It’s important to note that this ruling does not automatically allow Grayscale to convert its GBTC into a spot bitcoin ETF. The decision mandates the SEC to review Grayscale’s application once more.

Coinbase’s chief legal officer, Paul Grewal, commented on the Grayscale ruling. While courts may not be perfect, they remain the “last, best hope” for upholding the rule of law in the crypto space.