US Congressman Warren Davidson officially presented the SEC Stabilization Act on June 12, which seeks to restructure the Securities and Exchange Commission (SEC) and remove the figure of president, currently held by former banker Gary Gensler.
Davidson, who has taken a hard line against Gensler’s actions, he claimed on Twitter that US markets “They must protect themselves from a tyrannical president, including the current one.” “Time for real reform and to fire Gary Gensler,” he wrote.
As explained, the SEC Stabilization Act seeks a complete restructuring of the current organizational model of the SEC, where the president is above the commissioners of the federal office.
Instead, the new structure proposes a bipartisan panel where six SEC commissioners give orders to a CEO. This means that all regulations, applications and investigations would be carried out by these 6 SEC commissioners.
The SEC Stabilization Act was introduced by Davidson along with Congressman Tom Emmer, who has also spoken out against Gensler’s management.
The legislator explained that US investors and industry “deserve clear and consistent supervision, not political games.”
“The SEC Stabilization Act will make common sense changes to ensure that the SEC’s priorities are with the investors, whom they are meant to protect, and not with the whims of a reckless president,” Emmer said.
The law to remove the chairman of the SEC was already being prepared
This bill, which will now go to the United States Congress, had already been announced weeks ago. On the very day that Gensler wavered and trembled in a hearing before the US Legislature, Congressman Warren Davidson was talking about a law to remove the figure of the chairman of the SEC.
As reported by CriptoNoticias, Davidson said he would introduce a law that would respond to the “long series of abuses” committed by Gensler as SEC chairman.
Davidson makes the formal presentation of the bill at a time when lThe SEC is being rebuked by cryptocurrency users in the United States, due to the lawsuit against the two largest crypto asset exchanges in the market.
In the pair of lawsuits, the federal body alleged that Binance and Coinbase had incurred in a violation of federal securities lawsfrom the sale of unregistered securities and the operation of an unlicensed stock exchange.
Furthermore, according to the SEC, Binance CEO Changpeng Zhao, would have engaged in fraudulent practicesmaking use of the money of the exchange’s clients, just as Sam Bankman-Fried did at the head of the collapsed exchange house FTX.