Pro-crypto lawmakers and members of the Republican Party are working to get Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), removed from office. As reported by Fox News, a new bill has been introduced that will see Gensler removed from his role.
Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minn, introduced the bill that will also see an expansion of the number of commissioners appointed to serve with the regulator. If approved, the SEC will get a total of six instead of five commissioners, with no party having more than three seats with the body.
The reasons for introducing the bill to dethrone Gary Gensler are not far-fetched, as they as includesl what the lawmakers tagged a "long series of abuses that have been permitted under the current SEC structure."
While commenting on the bill, Rep. Tom Emmer echoed what the stakeholders in the cryptocurrency industry have been clamoring for over the past few years, that is, to get clear and consistent regulation for the emerging market. The SEC Stabilization Act, as the bill is named, if approved, will grant investors better protection as the powers of the SEC chair will be devolved over time to the commissioners.
Is crypto industry's liberation on way?
While the bill to remove Gary Gensler appears to be an answer to the prayers of most stakeholders in the digital currency ecosystem, the real desire is to get a functional piece of regulation guiding the day-to-day activities of start-ups and investors in the space.
In its bid to get clarity on the rules of engagement, Coinbase exchange has had to drag the SEC to court, a case that is still pending to date. The lawsuit filed against the trading platform and the industry's biggest, Binance is evidence of why drastic change is needed, and the bill may fast-track it.