U.S. lawmakers introduce bill to remove SEC Chair Gary Gensler regulation crypto cryptocurrency
- The pushback against the U.S. Securities and Exchange Commission’s heavy hand in the crypto market escalated on Monday as lawmakers in the House of Representatives filed a new bill intended to remove Gary Gensler as the Chair of the SEC and institute a restructuring of the financial regulator.
Davidson first revealed his intention to introduce the bill earlier this year in response to a tweet by Coinbase legal chief Paul Grewal. “American investors and industry deserve clear and consistent oversight, not political gamesmanship,” said Rep. Tom Emmer. “The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”
“Regulation by enforcement is not an appropriate way to govern a market, adequately protect customers or promote innovation,” Thompson said during his prepared remarks. “Real consumer protection requires creating a robust legal framework that exchanges can comply with, not pushing the industry offshore into the shadows,” Lummis said. “This is why Congress needs to pass the Lummis-Gillibrand Responsible Financial Innovation Act.”
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