“Fire Gary Gensler!” Lawmakers Endorse Act to Oust SEC Chair 

Potential dismissal looms for SEC Chair Gary Gensler as Congressman Davidson and Majority Whip Emmer intensify scrutiny of his actions.

Grim reaper coming to visit Gary Gensler.
Created by Kornelija Poderskytė from DailyCoin
  • United States policymakers are voicing concerns against the Securities and Exchange Commission chair.
  • The representatives are advocating for the SEC chair’s dismissal.
  • The SEC chair has maintained a stringent approach to the crypto industry throughout the year.

Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chair, has been a central figure for controversy throughout the year, infamous for his “regulation by enforcement” approach to the crypto industry. His actions have targeted several entities and projects, drawing scrutiny from his targets and U.S. policymakers.

Against this backdrop, two house representatives are spearheading efforts to remove Gary Gensler from his position as SEC Chair.

Fire Gary Gensler

In a tweet on December 28, Majority Whip Tom Emmer announced his endorsement of the SEC Stabilization Act by Congressman Warren Davidson.

Davidson’s ‘Stabilization Act,’ proposed in June 2023, aims to address the perceived shortcomings and corruption within the Securities and Exchange Commission and, particularly, fire Gary Gensler for the “abuses” allowed during his tenure.

The lawmakers asserted that the U.S. capital markets “must be protected from a tyrannical Chairman, including the current one” and initiated a ‘Fire Gary Gensler” campaign on Twitter.

Majority Whip Emmer and Congressman Davidson are not the first to voice discontent with Gary Gensler’s actions. In November, Congressman Tim Burchett introduced an amendment proposal, suggesting a significant salary cut for chair Gensler to $1 annually.

Additionally, House Representative Steve Womack also condemned the contribution of the SEC to a financial drain on the United States, emphasizing the commission’s overreach and aggressive regulatory approach.

The SEC is relentless in its pursuit of Do Kwon; read more:
Judge Backs SEC In Battle Against Do Kwon & Terraform Labs

Read more about the SEC’s battle against Coinbase this year:
SEC Intensifies Legal Clash Against Coinbase In New Lawsuit

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.