US Congressmen introduce bill to “fire” Gary Gensler from the SEC and restructure the agency
|- Republicans Davidson and Emmer filed the “SEC Stabilization Act” to restructure the regulatory body and remove Gary Gensler as Chair.
- The lawmakers stated Gensler’s “long series of abuses” were enabled by the current SEC structure.
- The Chair has been taking heat recently for his “regulation by enforcement” strategy against the crypto market.
The Security and Exchange Commission (SEC) has been making headlines for some or other reasons over the past couple of weeks. The newest reason for the regulatory body facing scrutiny might actually end up being the last time SEC and its Chair, Gary Gensler, are blamed for the lack of proper regulations.
New SEC, no Gensler
Gary Genlser has been a problem for lawmakers since the Chair of the SEC fails to provide necessary information regarding proper regulation in the country, especially for the crypto market. Since Gensler has been unable to prove his innocence, some individuals have come up with ways to fix this.
Republicans Warren Davidson and Tom Emmer, as a result, introduced a new bill to remove Gary Gensler from the position of Chair. According to the Republicans, the current SEC structure has enabled Gensler to the point where a long series of abuses have been permitted under the current SEC structure.
To deal with this, the lawmakers also introduced legislation that would essentially restructure the entire regulatory body. In line with this, Republican Tom Emmer said,
“American investors and industry deserve clear and consistent oversight, not political gamesmanship. 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.
The Chair of the agency, Gary Gelnser, is yet to make an announcement that would explain the recent mishaps.
One of the biggest reasons behind the introduction of this bill goes back to the policy adopted by Gary Genlser’s SEC of “regulation by enforcement”. Without providing any clear guidelines, the regulatory body generally sues its victim for simply “violating Securities law”.
The most recent victims were the two biggest crypto exchanges in the world, Binance and Coinbase. Neither of the two is of the opinion to take on the regulatory body, making this bill’s introduction significant for future observation.
Read more - Binance Coin price crashes by 10% as SEC sues Binance and CEO Changpeng Zhao
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