- Two Republican congressmen, Warren Davidson and Tom Emmer, have introduced a bill to fire Securities and Exchange Commission (SEC) Chair Gary Gensler.
- The bill, called the “SEC Stabilization Act,” would also restructure the SEC and decentralize its power.
- Davidson and Emmer have been critical of Gensler’s handling of the crypto market, saying that he has been “incompetent” and has driven the industry overseas.
- The bill is unlikely to pass the Senate, which is controlled by Democrats. However, it is a sign of growing frustration among crypto advocates with Gensler’s leadership.
The bill, called the “SEC Stabilization Act,” would fire Gensler and replace him with a new chairman who would be appointed by a bipartisan commission. The bill would also restructure the SEC, giving more power to its five commissioners and less power to its chairman.
Davidson and Emmer have been critical of Gensler’s handling of the crypto market. They say that he has been “incompetent” and has driven the industry overseas. They also say that Gensler has used his position to promote his own views on crypto, rather than following the law.
The bill is unlikely to pass the Senate, which is controlled by Democrats. However, it is a sign of growing frustration among crypto advocates with Gensler’s leadership.
Davidson and Emmer Introduce Bill to Fire Gensler
Davidson and Emmer introduced the bill on Monday. In a statement, Davidson said that the bill was necessary to “protect the U.S. capital markets from a tyrannical chairman.”
The bill was necessary to “protect the U.S. capital markets from a tyrannical chairman.”
He also said that the bill would “ensure that the SEC is run in the best interest of the market, not the whims of its reckless chair.”
Emmer echoed Davidson’s comments, saying that the bill was “a long overdue step to reform the SEC and restore its independence.” He also said that the bill would “send a clear message to Chairman Gensler that his time at the SEC is over.”
Bill Would Restructure SEC
The bill would also restructure the SEC. Under the bill, the SEC would be run by a five-member commission rather than a single chairman. The commission would be appointed by a bipartisan group of senators and representatives.
The bill would also give the commission more power over the SEC’s enforcement actions. Currently, the chairman has sole discretion over whether to bring enforcement actions. Under the bill, the commission would have to approve all enforcement actions before they could be brought.
Unlikely to Pass Senate
The bill is unlikely to pass the Senate, which is controlled by Democrats. However, it is a sign of growing frustration among crypto advocates with Gensler’s leadership.
Davidson and Emmer have been vocal critics of Gensler’s handling of the crypto market. They have accused him of being too hostile to the industry and of stifling innovation.
Gensler has defended his record, saying that he is simply trying to protect investors from fraud. He has also said that he is open to working with the crypto industry to develop regulations that will foster innovation while protecting investors.
It remains to be seen whether the bill will have any impact on Gensler’s leadership. However, it is a sign that there is growing frustration with his handling of the crypto market.
© Cryptopress. For informational purposes only, not offered as advice of any kind.
