Warren Davidson, a member of the US House of Representatives, has officially introduced a bill that would restructure the US Securities and Exchange Commission (SEC) and get rid of Gary Gensler as its chair.
Breaking News! 🚨
🇺🇸 US Congressman files legislation to FIRE the Chairman of the #SEC.
— Walletor (@walletorapp) June 12, 2023
In a recent tweet, Davidson called Gensler a “tyrannical chairman,” saying that Congress needs to protect the markets from him.
U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire @GaryGensler as Chair of the SEC. Statement ⬇️ pic.twitter.com/0VUHxUAhtB
— Warren Davidson 🇺🇸 (@WarrenDavidson) June 12, 2023
The law comes after the SEC took steps to enforce the regulations last week. In particular, the US government had put both Coinbase and Binance on notice of a number of charges. After that, the agency took action against them because they had broken US stock laws.
Davidson Files SEC Stabilization Act
When it went after two major cryptocurrency exchanges last week, the SEC sent shock waves through the whole digital asset industry. In fact, the government took action against Binance and Coinbase for breaking securities laws. Now, one member of Congress is fighting back against what the agency and its head have done.
Specifically, Congressman Warren Davidson has introduced legislation that would remove Gary Gensler as SEC chairman. In addition, the newly introduced legislation will reorganize the regulatory agency’s current structure.
Moreover, Davidson stated, “US capital markets must be protected from 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.”
In addition, he said, “It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”
In contrast, calls for a leadership transition have been consistent. Specifically due to concerns about how the SEC’s actions may impact the industry. Consequently, this is displacing digital asset development from the United States.