New bill proposes removing SEC Chair Gary Gensler.

The congressman Warren Davidson who is supportive of crypto, has introduced a new bill called the “SEC Stabilization Act”. The aim of this bill is to reform the SEC and remove its current chairman, Gary Gensler, who Davidson describes as “tyrannical”. In a Twitter post, Davidson announced that he had filed the SEC Stabilization Act and that it would restructure the SEC and remove Gary Gensler.

“Today I filed the SEC Stabilization Act to restructure the SEC and fire Gary Gensler.”

Davison has said that the ultimate goal of the bill is to protect the US capital markets, but this can only be achieved by addressing the ongoing abuse of power within the agency. Another congressman, Tom Emmer, who is also supportive of crypto, co-created the bill with Davidson. Emmer, who is the House Majority Whip, has been a vocal critic of Gensler, stating that he is not capable of governing the crypto market and his methods stifle innovation.

Emmer has said that the Stabilization Act will help the SEC to prioritize correctly. He further explained that the agency’s focus should be on investor protection, rather than pandering to the ego of its chair.

SEC Chairman Gary Gensler Under Fire from All Sides, May Lose His Job

It is worth noting that the grievances expressed by Emmer and Davidson in the bill are a commonly held opinion. The crypto industry has also voiced similar concerns.

For example, Coinbase has recently said that the SEC is not interested in creating clear rules for digital assets and only wants to carry out enforcement actions. Similarly, Binance.US accused the Gensler-led agency on Thursday of using fear tactics to wage war on the American digital asset industry.

Interestingly, SEC Commissioner Hester Peirce has also criticized the commission’s attempts to regulate crypto using existing financial industry rules.

According to Fox News, Davidson and Emmer are seeking to remove Gensler from his position as chairman. Additionally, their bill aims to restructure the agency by redistributing power between the SEC chair and commissioners, adding a sixth commissioner to the agency, and ensuring that no party holds a majority on the commission. Lastly, the bill will create an executive director position.

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