When will Gary Gensler step down as a member of the US Congress proposes to reshuffle the SEC?

In the early hours of this morning, member of the U.S. House of Representatives Warren Davidson ** issued a document stating that the "SEC Stability Act" has been formally submitted, requesting the reorganization of the US SEC and the dismissal of its chairman Gary Gensler. **The bill has the support of another House member, Tom Emmer.

In a tweet, Warren Davidson wrote: "U.S. capital markets must be protected from the tyranny of the current Chairman, including the current Chairman. Legislation was designed to address current abuses and ensure market compliance for years to come Protection of best interests. Now is the time for real reform and the firing of Gary Gensler as SEC Chairman." The tweet received nearly 4 million views, 44,000 likes, and 16,000 retweets.

"U.S. investors and industry deserve clear and consistent oversight, not political games," Tom Emmer said in the release. "The SEC Stabilization Act would make common sense changes to ensure that the SEC's priorities are the investors they are responsible for protecting, not the whims of its reckless chairman."

According to the vision of the bill, after removing Gary Gensler as chairman, the committee will be reorganized, and the authority of the chairman will be assigned to other members. All rule-making, implementation and investigation will also be led by these 6 members for a term of six years, and an executive director position will be established at the same time. to oversee day-to-day operations. In addition, to prevent one party's control of the SEC, no party can have more than three seats on the Commission and a structure similar to the Federal Election Commission (FEC) will be implemented. As follows:

In fact, when it comes to various encryption issues, Warren Davidson appears from time to time. He is also the vice chairman of the Republican Cryptocurrency Subcommittee, dedicated to encryption industry oversight and legislation. Last year, he also co-sponsored a new bill with four other members of Congress to support the addition of cryptocurrencies to 401(k) retirement plans.

As early as two months ago, at the hearing of the House of Representatives Financial Services Committee, Warren Davidson announced that he would propose a new motion-removing Gensler and setting up an executive director to fill the vacancy. Recently, the SEC has launched a series of heavy blows, prosecuting crypto giants such as Binance and Coinbase, undermining the stability of the U.S. crypto market, and further arousing the dissatisfaction of Warren Davidson and other congressmen, which led to the introduction of today's bill.

Although Gary Gensler is now making a lot of bad reviews in the encryption market, he himself has made many inconsistent speeches (for example, Gary once stood for Algo in 2019 and praised its technological innovation, but now he characterizes it as a security), But it is still a long way from a real downfall.

Take today’s bill as an example, it was proposed by two Republican lawmakers, but to actually become a law, it needs to be formally voted by both houses of the US Senate: the House of Representatives needs at least 218 members of the House of Representatives to vote for it; Members agreed to stop further discussion on the motion and agreed to a vote, after which 51 votes were needed to proceed to the next procedure.

(Bipartisan congressional seats)

Judging from the bipartisan structure of the US Congress today, even if the "US SEC Stability Act" is passed in the House of Representatives, it will be difficult to continue in the Senate controlled by the Democratic Party. After all, SEC Chairman Gary Gensler is also a Democrat. Moreover, the Democratic Party has always hoped to use the SEC as the main regulatory agency for regulating cryptocurrencies, and it is even more impossible to cut off its own arm and transfer power.

The "US SEC Stability Act" is destined to end without a problem. For the Republican Party, a feasible way out is to support the CFTC (US Commodity Futures Commission) to fight the SEC. For the encryption market, CFTC’s supervision is relatively “moderate”, and the list of prosecutions so far is not that long.