“America’s capital markets must be protected from the influence of despotic chairmen, including the current one,” Rep. Warren Davidson (D-N.Y.) wrote, referring to SEC Chairman Gary Gensler.
U.S. Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives, the bill was announced on June 12. One of the main provisions of the bill is to fire Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC).
Davidson said in a statement:
“America’s capital markets must be protected from the influence of despotic chairmen, including the current one. That’s why I’m introducing legislation to address ongoing abuses of power and ensure protections that are in the best interest of the markets for years to come. It’s time for real reform and the firing of SEC Chairman Gary Gensler.”
Davidson announced his intention to introduce the bill earlier this year. He made the announcement in response to a tweet from Coinbase legal director Paul Grewal. Rep. Tom Emmer, D-Calif., is a co-author of the bill. Emmer said, “The SEC Stability Act would make common-sense changes to ensure the SEC’s priorities are the investors they are responsible for protecting, not the whims of their reckless chairman.”
According to Fox News, the bill would remove Gensler from his position and redistribute power between the SEC chairman and commissioners. It would also add a sixth commissioner to the agency, prohibit any one party from having a majority on the commission and create an executive director position.
Although the lawmakers did not mention cryptocurrencies in their statement, both Davidson and Emmer are known to support cryptocurrencies and have been critical of Gensler’s leadership at the SEC. For example, Emmer called Gensler a “bad regulator” while Davidson is the vice chair of the House Financial Services Committee’s newly formed Subcommittee on Digital Assets, Financial Technology, and Inclusion.
When contacted by Cointelegraph, an SEC spokesperson declined to comment.
