- Representative Warren Davidson has tabled the ‘SEC Stabilization Act’ in the House of Representatives, a key element of which includes the removal of SEC Chair Gary Gensler.
- The bill seeks to recalibrate power dynamics within the SEC, proposing a new sixth commissioner, a prohibition on a party majority, and the establishment of an executive director position.
As blockchain experts, we understand that regulatory oversight plays a critical role in the cryptocurrency landscape. In a dramatic move that could shift the dynamics within the U.S. Securities and Exchange Commission (SEC), Representative Warren Davidson has introduced the ‘SEC Stabilization Act’ into the House of Representatives on June 12th. The legislation chiefly aims to remove SEC Chair Gary Gensler from his current role, contending the protection of U.S. capital markets from what Davidson refers to as ‘tyrannical’ leadership.
“U.S. capital markets must be protected from a tyrannical Chairman, including the current one,”
Davidson explained, reinforcing his commitment to preventing abuses of power and protecting the market’s best interests. This step for ‘real reform’, as Davidson puts it, is to terminate Gensler’s tenure as the SEC Chair.
The ‘SEC Stabilization Act’ was not an unexpected development, as Davidson had previously expressed his intention to propose this bill earlier this year, responding to a tweet by Coinbase’s legal chief, Paul Grewal. Representative Tom Emmer, a co-author of the bill, voiced his support, stating,
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“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.”
As reported by Fox News, the bill envisages an overhaul of the SEC’s power structure. It seeks to divide authority evenly between the SEC chair and commissioners, add a sixth commissioner, prevent a party majority within the commission, and establish an executive director role.
While the lawmakers’ statements didn’t directly address the realm of cryptocurrency, both Davidson and Emmer are known advocates of crypto and have criticized Gensler’s tenure at the SEC. Emmer has dubbed Gensler a “bad faith regulator”, and Davidson serves as the vice chair of the House Financial Services Committee’s new Subcommittee on Digital Assets, Financial Technology, and Inclusion. When Cointelegraph approached the SEC for comments, a spokesman declined to provide any.
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