US Rep. Warren Davidson has introduced the "SEC Stabilization Act" into the House of Representatives, which was announced on June 12. One of the major provisions of the bill was the firing of Gary Gensler, chairman of the Securities and Exchange Commission (SEC ).
Davidson said in a statement: "We. must protect capital markets from authoritarian chairmen, including the current one. That's why I'm introducing legislation to address the ongoing abuse of power and ensure protections that are in the best interest of the markets for years to come. Yes Time for real reform and the firing of SEC Chairman Gary Kinsler."
Davidson announced his intention to introduce the bill earlier this year. He made the announcement in response to a tweet from Coinbase legal chief Paul Grewal. Rep. Tom Emmer is a co-author of the bill. “The SEC Stability Act would make common- sense changes to ensure that the SEC's priorities are the investors they are responsible for protecting, not the whims of its reckless chairman," Emmer said. According to Fox News, the bill would remove Gensler and redistribute power between the SEC chairman and commissioners .It would also add a sixth commissioner to the agency, prohibit either party from having a majority on committees and create an executive director position.
Although the lawmakers did not mention cryptocurrencies in their statement, both Davidson and Emmer are known to support cryptocurrencies and have been critical of Gensler's leadership at the SEC. For example, Emmer called Gensler a “malicious regulator,” while Davidson is the vice chair of The House Financial Services Committee's newly formed subcommittee on digital assets, financial technology, and inclusion.
