US Representative Warren Davidson has been pushing for the removal of Gary Gensler as the chairman of the Securities and Exchange Commission (SEC) following Grayscale’s recent win in court against the agency. Industry stakeholders and the crypto community believe Gensler’s regulation by enforcement approach towards the crypto industry has caused more harm than good to retail investors.Rep. Davidson has stated that the court ruling in favor of Grayscale further proves that Gensler’s actions are “arbitrary and capricious”. Grayscale won its lawsuit against the SEC, which granted the firm’s petition for the Commission to review its application to convert the Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF).In April, Davidson said he would introduce legislation to remove Gensler as SEC chair and replace the chairmanship role with that of an executive director as a way “to correct a long series of abuses”. The Chairman of the US House Committee on Financial Services, Patrick McHenry of the Republican party, also reacted to Grayscale’s win, saying that the SEC Chair’s crusade against the digital asset ecosystem is falling apart under scrutiny from the courts.Grayscale’s win does not automatically mean that the SEC will approve spot Bitcoin ETF application, which the Commission has consistently rejected over the years. However, there is hope that with the latest development, there could be a chance to have a spot Bitcoin ETF in the United States. The SEC also recently lost to Ripple, which was accused by the agency of carrying out unregistered securities sales involving XRP. A US judge ruled that XRP was not a security if sold in secondary markets.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	8
People	Patrick McHenry, Gary Gensler, Warren Davidson
Companies	Binance, Ripple, US House Committee on Financial Services, Grayscale, SEC
Currencies	Ethereum, US Dollar, XRP, Bitcoin
Securities	None