United States Congressman Warren Davidson has filed a new bill called the SEC Stabilization Act, which looks to restructure the United States Securities and Exchange Commission (SEC).
One of the key provisions in the bill is the dismissal of currency SEC Chair Gary Gensler.
"Other Lawmakers Support Bill to Dismiss SEC Chair" The SEC Stabilization Act
The new bill filed by Davidson calls for the immediate dismissal of current Securities and Exchange Chair Gary Gensler and the restructuring of the SEC to better protect the markets. Rep Davidson, in a statement, added, "Other Lawmakers Support Bill to Dismiss SEC Chair"
“U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”
The representative used the hashtag “FireGaryGensler,” adding that the United States markets must be protected from the SEC Chair. He was joined by the Republican Party’s majority whip, Tom Emmer, who Davidson quoted as stating,
“American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”
Tom Emmer co-authored the bill.
Structural Changes
Davidson and Emmer are proposing a bill that aims to restructure the Securities and Exchange Commission (SEC) by redistributing power among its commissioners, adding a sixth commissioner to the agency, and creating an executive director position to oversee day-to-day operations. Although the bill does not explicitly mention cryptocurrencies, Davidson and Emmer are known to be pro-crypto and have been critical of Gensler's leadership of the SEC.
Emmer has previously referred to Gensler as a "bad faith regulator," while Davidson is the vice chair of the House Financial Services Committee's new Subcommittee on Digital Assets, Financial Technology, and Inclusion.
Crypto Community Pushes Back Against Gensler
The recent regulatory action taken by the Securities and Exchange Commission (SEC) against Coinbase and Binance has been met with criticism from the crypto community. Some individuals have shared old videos of SEC Chair, Gensler, expressing his views on cryptocurrency, including teaching blockchain technology at MIT and stating that Ethereum and Litecoin are not securities. These videos, along with others, have led to accusations of hypocrisy from the crypto community. Additionally, Gensler has previously praised Algorand, but later referred to its token, ALGO, as a security.
Critics from the crypto space have also pointed out that Gensler has close ties with Senator Elizabeth Warren, who is known for her anti-crypto stance. Some members of the crypto community have questioned whether Warren played a role in Gensler's recent regulatory actions against the industry. Many believe that Gensler's actions are an attempt to stifle the growth of the crypto industry, with the regulatory action against Coinbase and Binance being the latest example.
The SEC's stance on crypto was made clear when it launched regulatory action against Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest cryptocurrency exchange in the United States.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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