SEC: Gary Gensler soon to be removed from office?

For several months, the crypto industry has been under tension. In question, a strong regulatory pressure exerted by Gary Gensler, the boss of the SEC. The manager multiplies the offensives to submit the crypto firms to his power. Some politicians do not want to let him deploy his strategy, which is also considered to be fundamentally incoherent.

Introduction of a bill to eject Gary Gensler

Will Gary Gensler be removed as SEC Chairman? Republican Representative Warren Davidson strongly desires it. This Monday, June 12, the politician introduced, in this sense, a new bill in Congress.

Called the SEC Stabilization Act, the text aims to bring more stability to the operation of the American stock market regulator. This, by framing the prerogatives devolved by law, to the head of the institution. The objective: to limit the abuse of power.

If the latter is approved, Gary Gensler would then find himself in the hot seat. Moreover, the initiator of the procedure is very explicit about this. “US financial markets must be protected from a tyrannical president, including the current one”, explains Warren Davidson in a press release.

Also in it, he adds: “That’s why I’m introducing legislation to address the current 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 the removal of Gary Gensler as SEC Chairman.”.

Not new !

It must be said that this initiative is not new in itself. A few weeks ago, Republican Representative Tom Emmer also initiated a bill targeting Gary Gensler. This could also explain why this politician supports the text now introduced as a co-author.

“The SEC Stabilization Act will make common sense changes to ensure that the SEC’s priorities are the investors it is charged with protecting and not the whims of its reckless chairman”said Tom Emmer.

The least we can say is that the actions of the SEC are increasingly disturbing a number of players linked to the crypto industry. The latest pranks launched against Binance and Coinbase last week may have contributed to aggravating this exasperation.