{"id":21651,"date":"2023-06-12T16:04:56","date_gmt":"2023-06-12T20:04:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/house-republicans-introduce-bill-to-fire-us-sec-chair-gary-gensler-and-make-other-reforms\/"},"modified":"2023-06-12T16:04:57","modified_gmt":"2023-06-12T20:04:57","slug":"house-republicans-introduce-bill-to-fire-us-sec-chair-gary-gensler-and-make-other-reforms","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21651","title":{"rendered":"House Republicans Introduce Bill To Fire US SEC Chair Gary Gensler and Make Other Reforms"},"content":{"rendered":"
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House Republicans filed a bill on Monday that would fire US Securities and Exchange Commission Chair Gary Gensler and restructure the agency.<\/p>\n

Reps. Tom Emmer and Warren Davidson introduced<\/u> the SEC Stabilization Act, to \u201cremove Chairman Gensler following his long series of abuses that have been permitted under the current SEC structure,\u201d according to a statement released from House Majority Whip Emmer\u2019s office.<\/p>\n

\u201cU.S. capital markets must be protected from a tyrannical Chairman, including the current one,\u201d Davidson said in a statement. \u201cThat\u2019s why I\u2019m 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.\u00a0<\/p>\n

The bill would add one more commissioner to the five member commission and create an executive director role to oversee day-to-day operations at the agency.\u00a0<\/p>\n

The new GOP bill would also put in place a condition that no single political party would hold more than three commissioner seats at any given time \u2014 there are currently three Democrats and two Republicans.\u00a0<\/p>\n

The bill would need to get Democratic support.\u00a0<\/p>\n

Tension with the SEC Chair\u00a0<\/h2>\n

Some lawmakers have criticized the SEC\u2019s approach to regulating crypto.\u00a0<\/p>\n

Chair Gensler has repeatedly said that most cryptocurrencies are securities and should be regulated by the agency, while calling on crypto firms to register.\u00a0<\/p>\n

The agency sued both Binance<\/u>, the world\u2019s largest crypto exchange, and Coinbase<\/u>, the largest US-based crypto exchange last week for multiple violations, including not registering their firms.<\/p>\n

Republican Sen. Cynthia Lummis criticized the SEC\u2019s lawsuit against Coinbase, calling its \u201cregulation by enforcement\u201d approach harmful to consumers.<\/p>\n

\u201cReal consumer protection requires creating a robust legal framework that exchanges can comply with, not pushing the industry offshore or into the shadows,\u201d Lummis tweeted last week.\u00a0<\/p>\n

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The House Financial Services Committee, which Emmer and Davidson are both members of, will meet Tuesday for a hearing<\/u> focused on digital assets.\u00a0<\/p>\n<\/p><\/div>\n