Today, the previously famous Securities and Exchange Commission Stabilization Act aimed at firing SEC Chairman Gary Gensler was signed by two members of Congress and will enter the legislative process in the future.
If this bill is officially passed in the future, Gary Gensler, the public enemy of encryption, will beFormal removal。
The congressmen driving this legislative process are Warren Davidson and Tom Emmer, two encryption-friendly congressmen who have been famous in the encryption community for their pro-encryption stance.
Warren Davidson says 2024 will be the year to fire SEC Chairman Gary GenslerAbsolutelygood time. He also suggested holding the SEC accountable for its corruption practices and ending the accredited investor rules that protect the plutocratic class dealings.
Tom Emmer bluntly said that Gensler’s regulation “stifles innovation in the world’s largest economy.”
The removal of Gary Gensler, a public enemy of encryption, is undoubtedly a great news for the encryption community to cheer. And as the launch of the Bitcoin spot ETF is just on the verge of completion, may the ETF become Gary Genslers last political legacy?
Who will direct the SEC in the future?
The chairmans resignation has left a huge power vacuum in the SEC, and who will succeed Gensler is the most critical issue.
According to the proposal, the committee will be reorganized after the removal of Gary Gensler as chairman, and the chairmans rights will be assigned to other members. All rule formulation, implementation and investigation will also be led by these six members for a six-year term, and an executive director position will be established at the same time. to oversee daily operations. Additionally, to prevent one party from taking control of the SEC, no party will be able to have more than three committee seats, and a structure similar to the Federal Election Commission (FEC) will be implemented.
A sixth commissioner and an executive director will be added to oversee day-to-day operations, with all rulemaking, enforcement and investigative powers remaining with the commissioners.
The proposed reorganization is intended to protect U.S. capital markets from potential political agendas by preventing one party from holding more than three commissioner seats.
Prelude to removal
This bill was introduced as early as June this year. U.S. House of Representatives member Warren Davidson issued a document stating that he had formally submitted the Securities and Exchange Commission Stabilization Act, requiring the reorganization of the U.S. SEC and the dismissal of its chairman Gary Gensler. The bill is sponsored by fellow House member Tom Emmer.
Warren Davidson publicly stated: The U.S. capital markets must be protected from the tyranny of the current president, including the current president. The original intention of the legislation is to address the current abuse of power and ensure that the market is in the best interest of the market in the coming years. Protections. It’s time for real reform and fire Gary Gensler as SEC Chairman.” The tweet received nearly 4 million views, 44,000 likes, and 16,000 retweets.
At the time of the bills introduction, Tom Emmer explained that American investors and industry deserve clear and consistent oversight, not political gamesmanship. Both lawmakers agreed that Gensler overexerted his power and that this Behavior is stifling innovation in America.
“The STABILITY Act would make common-sense changes to ensure that the SEC’s priority is protecting investors, not the whims of its reckless chairman.”
“U.S. capital markets must be protected from the influence of an authoritarian SEC chairman.”
Who is pushing forward?
The two members of Congress who have been vigorously promoting this matter are well-known in the encryption community for their long-term pro-encryption stance.
In addition to the unremitting fight against the US SEC by native encryption people, all of this is also inseparable from the support of encryption-friendly legislators. Today, Odaily will introduce a man who has been active in the encryption industry. He is the one who launched the Securities Clarity Act, the SEC Stability Act, and the Blockchain Regulatory Certainty Act. Bill and other bills of Tom Emmer.
Tom EmmerNot just a member of Congress, but the House Majority Whip. Emmer was born in 1961. He received a bachelors degree in political science and a doctorate in law. He joined the U.S. House of Representatives in 2015. He is a member of the House Financial Services Committee and a member of the House Republican Steering Committee. He was recently elected to the 118th Congress. Majority Whip.
In Emmer’s eyes, the SEC’s strong regulatory actions on cryptocurrencies are playing political games. As early as March 16, 2012, Emmer had accused the SEC of abusing its power to investigate cryptocurrency companies, and sent a letter to SEC Chairman Gary Gensler questioning the supervision of cryptocurrency by both parties in the United States, requesting the SEC to disclose the collection standard process and Ensure that these investigations do not violate the provisions of the Paperwork Reduction Act.
Emmer is one of many lawmakers who opposes Gensler and the SECs enforcement oversight of the future of finance, particularly cryptocurrencies, having previously called the SEC chairman incompetent. Davidson previously said 2024 would be the best time to fire Gensler.
Warren Davidsonis another influential crypto-friendly lawmaker who has served as U.S. Representative for Ohio’s 8th Congressional District since 2016.
Davidson was born in the United States and showed a keen interest in politics and leadership from an early age. As an adult, he chose to enter the military field and became an officer. As a member of the House Financial Services Committee, Davidson played a key role in shaping and advancing financial policy.
To the crypto community, he is one of the most active supporters of crypto in the U.S. Congress. He believes that cryptocurrency and blockchain technology have the potential to revolutionize the financial industry and improve economic efficiency. Davidson stressed the importance of proper regulation of this emerging market, while also calling on governments to avoid excessive intervention that could stifle innovation.
Although Emmer and Davidson are the two “crypto-friendly congressmen” we are most familiar with, the evolution of encryption regulation depends on more than just two congressmen. There are countless people behind the scenes who have contributed and promoted this initiative. It is precisely because of these peoples unremitting support that maybe one day we will usher in a spring in supervision, no longer years of litigation, no longer forced settlement, but under legal supervision , cryptocurrencies are booming.
Is it good for the implementation of ETF?
With the advancement of the Bitcoin spot ETF, Gensler’s own attitude towards encryption regulation has been changing.
In November of this year, ARK Invest CEO Cathie Wood hinted in an interview with CNBC that Gary Gensler’s attitude towards ETFs may be due to his political ambitions. He said that “speculation” that Gensler wanted to serve as U.S. Treasury secretary, who would need to be “very focused on the U.S. dollar,” partly contributed to the pushback on the Bitcoin spot ETF.
As time progressed to December, Gensler showed signs of relenting. In mid-December, when reporters asked whether the SEC might take action soon on a spot Bitcoin ETF application under review, Gensler responded with silence — rather than denial — in a reversal from his previous attitude.
And speaking at the Health Market Association conference, Gensler said he would not prejudge the matter. He previously called the agencys review process a time-tested process.
In mid-to-late this month, Gensler once again said that the SEC’s “new look” at the application for a spot Bitcoin ETF has taken into account recent court rulings.
Weve denied a lot of these applications in the past, but the D.C. court has spoken out here, Gary Gensler said in an interview with CNBC on Thursday. So based on these court rulings, were taking a new look at this.
U.S. SEC official John Reed Stark said approval of a Bitcoin spot ETF is likely to be one of Gary Gensler’spolitical legacy。
As Genslers position becomes increasingly precarious, this enemy of encryption who has been fighting the encryption world for several years is likely to do something in the last minute.
