US Congressman Warren Davidson has introduced the “SEC Stabilization Act” in the House of Representatives, announced on June 12. One of the main provisions of the bill is to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Davidson said in a statement:
“America’s capital markets must be protected from a tyrannical president, including the current one. That is why I am 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 SEC chairman.”
Davidson stated his intention to introduce the bill earlier this year. He made this announcement in answer to a tweet from Coinbase’s head of legal, Paul Grewal. Representative Tom Emmer co-sponsored the bill. Emmer said“The SEC Stabilization Act will make common sense changes to ensure that the SEC’s priorities are with the investors it needs to protect and not the whims of its reckless chairman.”
According to Fox News, the bill would do just that remove Gensler from office and redistribute power between the SEC chairman and commissioners. It would also add a sixth commissioner to the agency, bar any party from having a majority on the commission and create an executive director position.
Although the lawmakers did not mention cryptocurrency in their remarks, both Davidson and Emmer are known to be pro-crypto and critical of Gensler’s leadership at the SEC. Emmer, for example, has called Gensler a “bad faith regulator” and Davidson is the vice chair of the House Financial Services Committee’s new Subcommittee on Digital Assets, Financial Technology and Inclusion.
Cointelegraph has reached out to the SEC for comment and will update this story if it hears back.
