TechFlow reported, U.S. Representative Warren Davidson responded on Twitter to Coinbase Chief Legal Officer Paul Grewal, saying, "To correct a series of abuses of authority, I am introducing legislation to remove the Chairman of the Securities and Exchange Commission (referring to Gary Gensler) and replace him with an Executive Director who reports to the Board—the actual seat of power. The former SEC Chair is unqualified."
Previously, on April 14, according to The Block, the U.S. Securities and Exchange Commission (SEC) was preparing to turn toward regulating DeFi when reopening its proposed regulations.
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