Breaking: US politicians introduce the 'SEC Stabilization Act' to dismiss the SEC's, Gary Gensler

By: Michael Wilson

June 12, 2023 10:32 PM

Rep. Warren Davidson remarked, referring to SEC Chairman Gary Gensler, that "U.S. financial markets must be safeguarded from a tyrant Chairman like the current one."

On June 12 it was reported that Representative Warren Davidson had presented the "SEC Stabilization Act" into the House of Representatives. One of the primary components of the plan is the firing of the Securities and Exchange Commission, also known as SEC, Chair Gary Gensler. 

In a statement, Davidson said→:

"Capital markets in the United States need safeguarding from a dictatorial Chairman, like the current one. That is why I am drafting legislation to address the persistent misuse of power and safeguard market protection for years to come. It is time for substantial change and the removal of Gary Gensler as SEC Chair."

Davidson announced earlier this year his plan to introduce the bill. He made the remark→ in response to Coinbase legal chief Paul Grewal's tweet. The bill was co-authored by Rep. Tom Emmer. "That SEC Stabilization Act will include common-sense reforms to ensure that the SEC's intentions are with the investors who they are charged to protect, rather than the whims of its reckless Chair," Emmer added→.

The bill, according to Fox News→, would remove Gensler from office and disperse power among the SEC chair and commissioners. It would also add a sixth commissioner to the agency, prohibit any party from maintaining a majority on the commission, and create a position for an executive director.

Although neither Davidson nor Emmer mentioned cryptocurrencies in their speeches, both are known to be pro-crypto and skeptical of Gensler's leadership at the SEC. Emmer, for example, has referred to Gensler as a "bad faith regulator," while Davidson serves as vice head of the House Financial Services Committee's new Subcommittee on Digital Assets, Financial Technology, and Inclusion.