Breaking Minute: Crypto-Friendly US Members of Congress Submit Bill to Fire Gary Gensler!

Cryptocurrency friendly Congressman Warren Davidson introduced a bill called the SEC Stabilization Act, which aims to restructure the agency as well as remove Gary Gensler from the presidency.

Warren said in his statement:

“Today I submitted the SEC Stabilization Act to restructure the SEC and fire Gary Gensler.

US capital markets must be protected from a tyrannical President, including the current President. The time has come for real reform and the firing of Gary Gensler from the SEC Chair.”

In addition, another Congressman Tom Emmer is among the architects of the bill.

Republican Party lawmakers point to Gensler’s “long string of abuses permitted under the current SEC structure.”
Emmer continued his statement as follows:

“American investors and industry deserve clear and consistent scrutiny, not political games. The SEC Stabilization Act will make prudent changes to ensure that the priorities of the SEC are the investors it is charged with protecting, not the whims of its reckless President.”

“I would like to thank Representative Davidson for spearheading this important effort to restore sanity at the SEC,” Emmer added.

Davidson and Emmer’s bill would remove Gensler from his position as head of the SEC and restructure the commission, transferring power from the president to other commissioners, adding a sixth commissioner to the agency, and creating an executive director position to oversee day-to-day operations.

In addition, the SEC Stabilization Act will prevent any political party from controlling more than three seats in the commission and will implement a structure similar to the Federal Election Commission (FEC).

*Not investment advice.