US Congressman Files Bill To Fire SEC Chair Gary Gensler

US Congressman Warren Davidson on Monday announced the filing of the SEC Stabilization Act to restructure the regulatory agency and also to fire Chair Gary Gensler.

By Staff

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On June 12, United States Representative Warren Davidson introduced the “SEC Stabilization Act” in the House of Representatives, a bill that aims to make significant changes to the Securities and Exchange Commission (SEC). One of the key provisions of the bill is the removal of SEC Chair Gary Gensler from his position.

In a statement, Davidson expressed his concerns about the current state of U.S. capital markets and the need to protect them from what he considers to be a “tyrannical” SEC Chair. He emphasized the importance of introducing legislation to address the perceived abuse of power and ensure the long-term best interests of the market. 

Davidson stated, “It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”

This bill aligns with Davidson’s earlier announcement of his intention to introduce such legislation, which was made in response to a tweet by Paul Grewal, the legal chief of Coinbase. Representative Tom Emmer is the co-author of the bill and supports its purpose. Emmer highlighted that the SEC Stabilization Act aims to establish common-sense changes that prioritize investor protection and prevent the SEC Chair from acting based on personal whims.

According to a report from Fox News, the bill seeks to remove Gary Gensler from his position as SEC Chair and redistribute power between the Chair and commissioners. Additionally, it proposes the addition of a sixth commissioner, prevents any party from holding a majority on the commission, and introduces the creation of an executive director role.

Although the statements from the lawmakers did not explicitly mention cryptocurrencies, both Davidson and Emmer are known for their support of digital assets and have been critical of Gensler’s leadership at the SEC. Emmer, in particular, has referred to Gensler as a “bad faith regulator.” Notably, Davidson serves as the vice chair of the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion, underscoring his involvement in matters related to the crypto industry.

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