It has been just revealed that the lawmakers have just introduced a bill to remove Gary Gensler as chair of the SEC. This comes following massive abuse from the entity against the crypto space.
SEC chair could be removed
It has been just revealed the fact that there are two crypto-friendly Republican lawmakers in the US introduced legislation this week that would remove Gary Gensler as Chair of the U.S. Securities and Exchange Commission (SEC).
“House Majority Whip Tom Emmer of Minnesota and Representative Warren Davidson of Ohio rolled out the “SEC Stabilization Act,” which, if passed, would axe Gensler and also establish another SEC commissioner position, bringing the total to six,” according to the latest reports coming from the online publication the Daily Hodl.
It is also important to mention the fact that the legislation would also establish an executive director position to oversee the agency’s day-to-day operations.
More than that, it would also mandate that a single political party could never hold more than three commissioner seats at any given time.
Davidson says there needs to be “real reform” at the SEC, as noted by the same online publication mentioned above.
“U.S. capital markets must be protected from a tyrannical chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come.”
Not too long ago, we revealed that the US arm of the world’s largest crypto exchange by trading volume says the U.S. Securities and Exchange Commission’s (SEC) recent lawsuit could kill their business for good.
As noted by the online pubcalition the Daily Hodl, new court documents revealed the fact that if the SEC is able to freeze its assets, it will effectively put the firm out of business. More than that, it would no longer be able to fund any of its operations.