SEC Chair Calling ALGO a “Security” Lead Him to Trouble?

• U.S. Rep Warren Davidson to introduce legislation to fire SEC chair Gensler.
• Previously Gensler called Algorand a great technology.

The crypto community has been reacting to news that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler labeled the leading cryptocurrency “Algorand (ALGO) as a security” in a lawsuit against cryptocurrency exchange Bittrex.

Following that, crypto industry leaders, crypto enthusiasts, and the ALGO community have taken to Twitter to express their thoughts on the matter. They highlighted a previous incident in which Gensler called Algorand a “great technology” that users could build Uber and Lyft on. 

In addition, political opposition has been raised to SEC Chair Gary Gensler’s campaign to regulate the crypto-asset sector. The most recent respondent is American Representative Warren Davidson. He introduced legislation to remove Gary Gensler from his role. Davidson tweeted that;

To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides). Former Chairs of the SEC are ineligible.

Also, the panel from “The Hash” talks about the possible results. And Warren Davidson recently tweeted that Gary Gensler’s failures to protect investors and power abuses make it clear that the SEC needs to be restructured. 

Decline in ALGO/USD 

Blockchain and cryptocurrency’s largest source, Twitter, have been buzzed by lots of responses from people with hashtags such as #TheSEC #Gensler $ALGO.

After the event took place, the leading altcoin, Algorand, declined by more than 5% in the last 24 hours. At the time of writing, the ALGO trading price is $0.2216. Earlier in the morning, it was down from $0.2298 to $0.2182), as per CoinMarketCap.