Congressman Warren Davidson Files Legislation To Fire Gary Gensler• June 13, 2023 9:46 pm • Comments
Most recently, US Congressman Warren Davidson has filed new legislation that proposes a restructuring of the SEC which would fire the current SEC chair Gary Gensler.
It is possible that this is a response to the SEC’s recent actions where the agency has taken legal action against Coinbase and Binance.
Many have been against the SEC’s aggressive anti-crypto agenda for a long time, but going after two of the biggest crypto exchanges may have been the limit.
Due to the SEC’s recent actions, the crypto markets had reacted heavily and many investors are concerned about the future of the industry in the country.
As a result, it is clear that it is becoming more and more important to push for change within the government in order to prevent the SEC from doing what it is doing.
🚨 BREAKING 🚨
🇺🇸 US CONGRESSMAN WARREN DAVIDSON FILED THE SEC STABILIZATION ACT TO RESTRUCTURE THE SEC AND FILES GARY GENSLER. HE BELIEVES SEC IS ABUSING THEIR POWER AND HURTING THE CAPITAL MARKETS IN THE US.
— Ash Crypto (@Ashcryptoreal) June 12, 2023
The SEC shook the entire digital asset industry last week when it came after two prominent cryptocurrency exchanges. Indeed, the regulator took action against both Coinbase and Binance for securities violations. Now, one congressman is fighting back against the actions taken by the regulator and its head.
Specifically, Congressman Warren Davidson has filed legislation that would fire SEC Chair, Gary Gensler.
Additionally, the now-filed bill will restructure the regulatory agency to change its current organization.
“US capital markets must be protected from tyrannical Chairman, including the current one,” Davidson stated.
“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.”
Davidson has specifically stated that the current agenda of the SEC is basically an abuse of power and that it is his goal to fire Gensler and revise the agency.
This is not the first time that such an idea has popped up among lawmakers, but it is possible that this legislation may finally start to get some real support.
After all, the timing of the SEC’s recent legal actions on exchanges like Coinbase and Binance are suspicious given that these two exchanges have already operated for years.
In fact, the SEC had even approved Coinbase’s IPO in the past to become a public company so the recent events most certainly do not make logical sense.
U.S. Congressman Warren Davidson has filed a bill that seeks to restructure the SEC and remove current Chairman Gary Gensler.
This could be huge for Crypto.💯 https://t.co/Ogjky6PK78
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) June 12, 2023
Joining Davidson in creating the legislation is Rep. Tom Emmer (R-MN) – the crypto-supportive House Majority Whip who has repeatedly blasted Gensler for his “incompetence” in governing the crypto market and driving the industry overseas.
In a press release related to the legislation on Emmer’s website, the politicians cited a “long list of abuses” Gensler has committed while in office, including a “hotel California rule” for crypto providing “no resolution and no clarity for the captives in the market.”
“American investors and industry deserve clear and consistent oversight, not political gamesmanship,” said Emmer in a statement.
US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler. “U.S. capital markets must be protected from a tyrannical Chairman, including the current one," Rep. Warren Davidson wrote in reference to SEC head Gary Gensler.
— Superlative Crypto🇮🇳 (@Superlative2110) June 13, 2023
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