SEC Chair Gary Gensler appears to be facing potential legislation that would remove him from his role. The move comes after the SEC's latest announcement about revisiting the proposed redefinition of an "exchange," which has been criticized by some in the crypto community. The proposed rule amendments could bring certain brokers under additional regulatory scrutiny and modernize rules that define an exchange. However, some have suggested it is an overreach of the SEC's authority that could jeopardize participation in the space. SEC Commissioner Hester Peirce, known as "Crypto Mom" for her pro-crypto positions, has criticized the proposed rule amendments and accused the SEC of using enforcement actions to develop the law on a case-by-case basis rather than creating clear regulations. Peirce has also suggested that a concept release should have been issued instead of proposed rule amendments, given the SEC's limited understanding of the space. (Cointelegraph)