{"id":19227,"date":"2023-06-13T04:33:31","date_gmt":"2023-06-13T04:33:31","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/gop-lawmakers-call-for-the-removal-of-gary-gensler-with-sec-stabilization-act\/"},"modified":"2023-06-13T04:33:33","modified_gmt":"2023-06-13T04:33:33","slug":"gop-lawmakers-call-for-the-removal-of-gary-gensler-with-sec-stabilization-act","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/gop-lawmakers-call-for-the-removal-of-gary-gensler-with-sec-stabilization-act\/","title":{"rendered":"GOP Lawmakers Call for the Removal of Gary Gensler With SEC Stabilization Act"},"content":{"rendered":"
It seems proceedings may soon become even more complex within the U.S. Securities and Exchange Commission (SEC) crypto crackdown. Because today, June 12, House Republicans have begun pushing for significant restructuring of the regulatory body.\u00a0<\/p>\n
Last week, the SEC filed civil lawsuits against Binance and Coinbase, citing investor protection failures and customer fund mismanagement. Amidst this landscape, Congressman Warren Davidson<\/a> of Ohio and House Majority Whip Tom Emmer<\/a> of Minnesota introduced the \u201cSEC Stabilization Act,\u201d which calls for the removal of the current SEC Chairman, Gary Gensler.<\/p>\n The two GOP lawmakers are accusing Gensler of a series of abuses under the existing SEC structure and calling for significant changes to protect the U.S. capital markets. Davidson explained the intention behind the legislation via Twitter<\/a>, stating, \u201cIt\u2019s time for real reform and to fire Gary Gensler as Chair of the SEC. U.S. capital markets must be protected from a tyrannical Chairman, including the current one.\u201d<\/p>\n The proposed legislation would redistribute power from the chair to other commissioners, create an executive director position to manage daily operations, and add a sixth commissioner to the regulatory body. Davidson and Emmer say they have designed these changes to offer clear, consistent oversight to investors and the industry, distancing from what they term \u201cpolitical gamesmanship.\u201d<\/p>\n \u201cAmerican investors and industry deserve clear and consistent oversight, not political gamesmanship,\u201d Emmer stated via Davidson\u2019s Twitter thread<\/a>. \u201cThe SEC Stabilization Act will make common-sense changes to ensure that the SEC\u2019s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.\u201d<\/p>\n \ud83d\udea8 NEWS \u2013 Today I filed the SEC Stabilization Act to restructure the @SECGov<\/a> and #FireGaryGensler<\/a>. <\/p>\n U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It\u2019s time for real reform and to fire @GaryGensler<\/a> as Chair of the SEC. Statement \u2b07\ufe0f pic.twitter.com\/0VUHxUAhtB<\/a><\/p>\nSEC Stabilization Act<\/h2>\n
\n