BREAKING: Gary Gensler In Hot Water, Congressman Announces His Support For Anti-Gensler Bill
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December 28, 2023 6:49 pm
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The effort to remove Gary Gensler as Chairman of the Securities and Exchange Commission is gaining steam in Congress.
The SEC Stabilization Bill, introduced by Congressman Warren Davidson of Ohio, aims to remove Gensler due to his hostile stance against innovation and small retail investors reliant on crypto.
Gensler has been facing increased scrutiny and calls to completely remove him as a regulator from Republican lawmakers for some time now.
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Recent enforcement actions from the SEC against LBRY, Coinbase, and a whole host of others have drawn the ire of pro-innovation lawmakers who understand that blockchain is the future of money.
De-dollarization is already well underway, and the U.S. now has two options: embrace Bitcoin or attempt to emulate China through a CBDC—the latter would prove disastrous for the populace. Here are the latest developments:
JUST IN: 🇺🇸 US Congressman Tom Emmer announces he is co-leading a SEC Stabilization Bill in effort to fire Chairman Gary Gensler.
— Watcher.Guru (@WatcherGuru) December 28, 2023
JUST IN: 🇺🇸 US Congressman Emmer is now co-leading "the SEC Stabilization Act, so we can fire Gary Gensler."
"Gensler’s SEC sides with Wall Street, not Main Street." pic.twitter.com/kpmTgrXDjj
— Bitcoin Magazine (@BitcoinMagazine) December 28, 2023
Gensler’s SEC sides with Wall Street, not Main Street.
I’m proud to join @WarrenDavidson as a co-lead on his bill, the SEC Stabilization Act, so we can #FireGaryGensler.
— Tom Emmer (@GOPMajorityWhip) December 28, 2023
Watcher Guru reports:
This week, Congressman Davidson also said that 2024 would be a great time to fire Gary Gensler, calling the SEC corrupt. Lawmakers who share the sentiment cite that the SEC has not been impartial in its decisions around crypto, such as delaying Spot Bitcoin ETF applications and crypto regulations.
Congressman Warren Davidson writes: “2024 would be a great time to fire Gary Gensler, pass the SEC Stabilization Act, hold the SEC accountable for its corruption, and end the accredited investor rule that protects deal flow for the donor class.”
2024 would be a great time to #FireGaryGensler, pass the SEC Stabilization Act, hold the SEC accountable for its corruption, and end the accredited investor rule that protects deal flow for the donor class.https://t.co/PT3IvByx1v via @reason
— Warren Davidson 🇺🇸 (@WarrenDavidson) December 27, 2023
According to Reason Magazine:
The scenario highlights one of the fundamental problems with the administrative legal systems that independent executive agencies like the SEC use to adjudicate enforcement actions brought by the agency’s regulators.
Effectively, the judges in those courts are employed by the prosecutors. And in these 42 cases—and possibly more—they were sharing notes with each other but not the people they were regulating.
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