"Fire Gary Gensler Act" Filed

Congressman Warren Davidson has filed legislation to reform the SEC and rescue capital markets from a "tyrannical" SEC Chairman.

"Fire Gary Gensler Act" Filed

On Monday, US Congressman Warren Davidson filed the "SEC Stabilization Act". The aim of the legislation is to reform the SEC, including firing current Chair Gary Gensler.

Under Gensler, the SEC has adopted a harsh stance against crypto companies, taking a string of enforcement actions without first providing a clear regulatory framework in which these businesses can operate. Most recently, Coinbase and Binance.US have been targeted.

The statement does not mention crypto, but Davidson is known to be crypto-friendly. The proposed new structure for the SEC will see commissioners from both sides of the political spectrum reporting to an Executive Director, rather than a Chair who is essentially in charge.

Will It Pass?

It seems unlikely that Davidson's bill will gain traction, which will require supporters from both parties. However, this is an indication that the SEC's war against crypto is not one-sided. There is awareness of the serious problems with Gensler's approach at the highest levels of American politics, as well as in industry and among the public. The bill comes the week after the Coinbase and Binance enforcement actions, and two days after billionaire investor Mark Cuban warned that it is "near impossible to know, with or without an army of securities lawyers, what is or is not a security in the crypto universe".

The more air time this gets, the more it becomes an election issue, as politicians court younger, crypto-savvy voters.

Subscribe to our newsletter and follow us on Twitter.

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to REX Wire.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.