The proposed legislation comes on the heels of the SEC’s enforcement actions last week, which resulted in charges being levied against two major cryptocurrency exchanges, Coinbase and Binance. The agency cited violations of US securities laws as the basis for its actions against these platforms.
Today, I filed the SEC Stabilization Act, a crucial step towards reshaping the @SECGov and ousting #GaryGensler.
Preserving the stability of the US capital markets is paramount, and it’s imperative to address the concerns posed by a chair with an overreaching approach. Join me in demanding real reform by supporting the removal of @GaryGensler as the SEC Chair. Read my full statement ⬇️ pic.twitter.com/0VUHxUAhtB
— Warren Davidson 🇺🇸 (@WarrenDavidson) June 12, 2023
Davidson’s bill, known as the SEC Stabilization Act, aims to challenge the recent actions taken by the SEC and its current leadership. The legislation not only seeks to replace Gary Gensler as the SEC Chair but also proposes a reorganization of the regulatory agency to improve its current structure.
“Our US capital markets must be shielded from the influence of a potentially overbearing chairman, including the incumbent,” emphasized Davidson. “That is why I am introducing this legislation to rectify the existing abuse of power and ensure long-term market protection in the best interest of all stakeholders.”
Davidson further highlighted the need for real reform and the urgent requirement to replace Gary Gensler as the SEC Chair. This call for a change in leadership has been echoed consistently, driven by concerns about the potential impact of the SEC’s actions on the digital asset industry. These concerns have caused some to worry that the US may be losing its competitive edge in digital asset development.
Stay tuned as this proposed legislation progresses through the legislative process. The outcome could have far-reaching implications for the SEC, its chair, and the future of the US capital markets.