Two crypto-friendly Republican legislators in the US this week introduced legislation that would fire Gary Gensler as chairman of the US Securities and Exchange Commission (SEC).
House Majority Whip Tom Emmer of Minnesota and Representative Warren Davidson of Ohio rolled out the “SEC Stabilization Act” which, if passed, would abolish Gensler and also establish another SEC commissioner position, bringing the total to six.
The legislation would also establish an executive director position to oversee the day-to-day operations of the agency, and it would mandate that a single political party never hold more than three commissioner seats at a time.
Davidson says there needs to be “real reform” at the SEC.
“US capital markets must be protected from a tyrannical chairman, including the current one. That is why I am introducing legislation to remedy the continued abuse of power and ensure protections that are in the interest of the market for years to come.”
Gensler has become a beacon of controversy in the crypto world amid the SEC’s ongoing regulatory crackdown on the digital asset industry.
The regulator sued Ripple in December 2020, alleging that the payments company has been selling XRP as an unregistered security for years.
Last week, the company and its CEO sued Changpeng Zhao over what Gensler called “an elaborate web of deceit, conflict of interest, lack of disclosure and calculated evasion of the law.”
In addition, the regulator is accusing the largest global crypto exchange of participating in unregistered offers and sales of “crypto asset securities”, including Binance’s native token, BNB.
Just one day after starting the legal battle against Binance, the SEC also filed a lawsuit against top US exchange Coinbase, accusing the company of operating as an unregistered stock exchange, broker and clearing house.
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