On June 12, it was revealed that Representative Warren Davidson had presented the “SEC Stabilisation Act” to the House of Representatives.
The measure includes a provision to remove Gary Gensler as chairman of the Securities and Exchange Commission.
Davidson stated: “U.S. financial markets need safeguarding against a dictatorial Chairman, like the present one. That’s why I’m proposing legislation to end the persistent misuse of authority and provide the market with the long-term security it needs. It’s time for profound change, and Gary Gensler’s tenure as SEC chair has run its course.”
Davidson said earlier this year that he would be introducing the measure. This declaration was issued in response to a tweet by Coinbase’s top legal officer, Paul Grewal. Rep. Tom Emmer is also credited with writing the legislation.
Fox News reports that if this law passes, the SEC chair and commissioners will be given more authority, and Gensler will be forced out of office. It would establish a post for an executive director, allow for a sixth commissioner, and prevent any group from having a majority on the commission.
Neither member specifically mentioned cryptocurrencies, but Davidson and Emmer are well-known supporters of blockchain technology and vocal critics of SEC Chair Gensler. For instance, Emmer has referred to Gensler as a “bad faith regulator.”
Also Read: The Solana Foundation Opposes the SEC’s Treatment of SOL Securities
