SEC: Gary Gensler soon to be removed from his position?

For several months, the crypto industry has been under pressure. The culprit is the heavy regulatory burden imposed by Gary Gensler, the head of the SEC. He has been launching offensives to exert his power over crypto firms, but some politicians are unwilling to let him deploy his strategy, which they consider fundamentally incoherent.

Introduction of a bill to oust Gary Gensler

Will Gary Gensler be removed from his position as the SEC chairman? Republican representative Warren Davidson certainly hopes so. On Monday, June 12, the politician introduced a new bill in Congress with that aim.

Named the SEC Stabilization Act, the text aims to bring more stability to the functioning of the American securities regulator by framing the prerogatives granted by the law to the head of the institution. The objective is to limit abuses of power.

If this bill is approved, Gary Gensler would find himself in a precarious position. In fact, the initiator of the procedure is very explicit about this. “U.S. capital markets must be protected from a tyrannical Chairman, including the current one,” Warren Davidson explains in a statement.

He further adds in the same statement, “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. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”

There’s nothing new under the sun!

It must be said that this initiative is not entirely new. A few weeks ago, Republican representative Tom Emmer also initiated a bill targeting Gary Gensler. This could explain why he is now supporting the newly introduced text as a co-author.

“The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair,” Tom Emmer declared.

It’s safe to say that the actions of the SEC are increasingly upsetting a growing number of stakeholders in the crypto industry. The recent actions taken against Binance and Coinbase last week may have contributed to exacerbating this frustration.