US Congress Introduces Bill to Fire SEC Chair Gensler

Two Republican lawmakers in the United States House of Representatives have introduced a bill that would fire Securities and Exchange Commission (SEC) Chair Gary Gensler.

The bill, called the “SEC Stabilization Act,” was introduced by Rep. Warren Davidson of Ohio and Rep. Tom Emmer of Minnesota. It would remove Gensler from office and redistribute power between the SEC chair and commissioners.

The bill also includes several other provisions, including:

Adding a sixth commissioner to the SEC

Prohibiting any political party from holding a majority on the commission

Creating an executive director position to oversee day-to-day operations

Davidson and Emmer have been critical of Gensler’s leadership of the SEC, particularly his handling of cryptocurrency regulation. In a statement, Davidson said that Gensler has “abused his power” and that the SEC Stabilization Act is “a common-sense reform” that would “ensure that the SEC’s priorities are with the investors they are charged to protect.”

Emmer said that the bill would “make sure that the SEC is not captured by any one political party or special interest.”

Gensler has not yet commented on the bill.

The bill is unlikely to pass the Democratic-controlled Senate. However, it could put pressure on Gensler and the SEC to change their approach to cryptocurrency regulation.

Background on the SEC and Cryptocurrency

The SEC has been criticized by some for its slow and cautious approach to cryptocurrency regulation. The agency has not yet approved a single cryptocurrency exchange-traded fund (ETF), and it has brought enforcement actions against several cryptocurrency companies.

Gensler has said that he believes that cryptocurrencies are securities and that they should be regulated by the SEC. However, he has also said that he is open to working with the industry to develop a regulatory framework for cryptocurrencies.

The SEC Stabilization Act could lead to a more aggressive approach to cryptocurrency regulation by the SEC. However, it is also possible that the bill could lead to a compromise between the SEC and the cryptocurrency industry.