Following months of attacks against the crypto industry by the U.S. Securities and Exchange Commission (SEC), two Republican congressmen have decidedly had enough of the agency’s chairman. 

“Today I filed the SEC Stabilization Act to restructure the SEC and fire Gary Gensler,” announced Warren Davidson (R-OH) on Twitter Monday. “U.S. capital markets must be protected from a tyrannical Chairman, including the current one.”

Joining Davidson in creating the legislation is Rep. Tom Emmer (R-MN) – the crypto-supportive House Majority Whip who has repeatedly blasted Gensler for his “incompetence” in governing the crypto market and driving the industry overseas.  

In a press release related to the legislation on Emmer’s website, the politicians cited a “long list of abuses” Gensler has committed while in office, including a “hotel California rule” for crypto providing “no resolution and no clarity for the captives in the market.”

“American investors and industry deserve clear and consistent oversight, not political gamesmanship,” said Emmer in a statement.

Each congressman’s criticisms are reminiscent of those levied by the industry itself. Crypto exchange Coinbase—which was Go to Source to See Full Article
Author: Andrew Throuvalas

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