Markets News Report
June 13, 2023

U.S. House Republicans Propose Legislation to Dismiss SEC Chair Gary Gensler

In Brief

The House Republicans filed a bill on Monday that would fire U.S. Securities and Exchange Commission Chair Gary Gensler and restructure the agency. Reps. Tom Emmer and Warren Davidson introduced the SEC Stabilization Act, which removes Chairman Gensler following his long series of abuses.

A bill has been presented by U.S. House Republicans which proposes to dismiss the current Chair of the Securities and Exchange Commission (SEC), Gary Gensler, and reshape the agency’s structure.

U.S. House Republicans Propose Legislation to Dismiss SEC Chair Gary Gensler

Representatives Tom Emmer and Warren Davidson introduced the SEC Stabilization Act on Monday. The aim of the Act, according to a statement from Emmer’s office, is to oust Chairman Gensler due to his “series of abuses” under the current SEC framework.

“U.S. capital markets need protection from a despotic Chairman, including the present one,” Davidson asserted in a statement. “This is why I’m presenting a bill to rectify the continual misuse of authority and safeguard the market’s best interest in the long run.”

The proposed legislation would increase the number of commissioners in the five-member commission by one and establish an executive director position to supervise the agency’s daily activities. The new GOP bill would also enforce a rule that no one political party should hold more than three commissioner seats at any given time. Presently, the commission consists of three Democrats and two Republicans.

However, for the bill to pass, it will need to gain support from the Democrats.

Tensions between lawmakers and the SEC Chair

Gensler, the Chair, always says most cryptocurrencies are securities. He thinks they need regulation and wants crypto firms to register.

The SEC recently sued Binance and Coinbase for several breaches, including not registering their firms. Senator Lummis, a Republican, criticized the SEC’s lawsuit against Coinbase. She says their approach of regulating through enforcement harms consumers.

She tweeted last week, “Real consumer protection necessitates the creation of a comprehensive legal framework that exchanges can adhere to, not driving the industry offshore or into the shadows.”

  • The SEC is writing a rule that will require RIA to have custody of client funds as well as be qualified custodians. The Financial Services Committee wrote to the SEC to express their concerns.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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