Republican lawmakers have introduced the “SEC Stabilization Act” to curb the perceived overreach of the SEC and remove Chair Gary Gensler.
Rep. Warren Davidson and Rep. Tom Emmer have co-signed the bill calling Gensler a tyrannical chairman.

The Republican lawmakers have finally stepped in to contain the aggressive and high-handed action of the U.S. Securities and Exchange Commission (SEC). On Monday, June 12, United States Rep. Warren Davidson introduced the “SEC Stabilization Act”, with one of the bill’s main provisions being removing SEC Chair Gary Gensler.

With the proposed bill, the House Republicans have been pushing for a significant restructuring of the regulatory body. This development comes just a week after the US SEC filed civil lawsuits against crypto exchanges Coinbase and Binance citing mismanagement of investors’ funds and investor protection failures.

Rep. Warren Davidson also called SEC Chair Gary Gensler, a tyrannical chairman. He added:

U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m 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 Chair of the SEC.

However, this is not the first time that Davidson has declared his intention to introduce the bill. Back in April 2023, Davidson responded to a tweet from Coinbase chief legal officer Paul Grewal that he will work on legislation to remove the SEC Chair.

Removing the SEC Chair From His Position

As reported by Fox News, the bill would remove Gary Gensler from his office and further redistribute the power between the SEC chair and other commissioners. Additionally, it would also add a sixth commissioner to the agency. Furthermore, it would disallow any party from holding a majority on the Commission as well as creating executive director positions.

While cryptocurrency was not specifically addressed in their remarks, both Davidson and Emmer have established themselves as supporters of crypto, and have expressed criticism towards Gensler’s role as the SEC Chair.

Emmer, in particular, has referred to Gensler as a “bad faith regulator,” and Davidson holds the position of vice chair in the newly formed Subcommittee on Digital Assets, Financial Technology, and Inclusion within the House Financial Services Committee. Speaking on the development, Rep. Tom Emmer the co-author of the bill, said:

American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair. Thank you, Representative Davidson, for leading this important effort to restore sanity at the SEC.

Gemini co-founders Winklevoss twins have also recently warned that the recent crackdown on crypto will cost the Democrats the 2024 Presidential Elections.

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Filed under: Bitcoin - @ June 13, 2023 4:10 pm