Cryptocurrency: US Congress Files To Fire The Gensler Jackass

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US Lawmakers File "SEC Stabilization Act" To Fire Gary Gensler

Authored by Derek Andersen via CoinTelegraph.com,

United States Rep. Warren Davidson has introduced the “SEC
Stabilization Act” into the House of Representatives, announced on
June 12. One of the bill’s main provisions is to fire Securities and
Exchange Commission (SEC) Chair Gary Gensler.

Davidson said in a statement:

    “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."

Davidson declared his intention to introduce the bill earlier this
year. He made that announcement in reply to a tweet by Coinbase legal
chief Paul Grewal. Rep. Tom Emmer is the co-author of the bill. Emmer
said, “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."

According to Fox News, the bill would remove Gensler from office and
redistribute power between the SEC chair and commissioners. It would
also add a sixth commissioner to the agency, disallow any party from
holding a majority on the commission and create an executive director
position.

    The #SECStabilizationAct explained ⤵️

    ❌ Fires Chair @GaryGensler

    ✅ All rulemaking, enforcement, & investigations conducted by 6 commissioners

    ➕ Creates ED Role for day-to-day operations

    Thank you, @GOPMajorityWhip for helping lead this legislation.
pic.twitter.com/QFEHePJh1h
    — Warren Davidson 🇺🇸 (@WarrenDavidson) June 12, 2023

Although the lawmakers did not mention cryptocurrency in their
statements, both Davidson and Emmer are known to be pro-crypto and
critical of Gensler’s leadership at the SEC.

Emmer has, for example, 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.

An SEC spokesman declined to comment when approached by Cointelegraph.