- Warren Davidson unveils sweeping bill
- It qualitatively changes how the SEC operates
- And reduces its power over capital markets
US Congressman Warren Davidson introduced the “SEC Stabilization Act”. This is the landmark act of restructuring the U.S. Securities and Exchange Commission (SEC). He envisions the firing of current agency chairman Gary Gensler.
Davidson has expressed distrust of the current SEC leadership. In his view, the agency’s recent actions have dire consequences for all economies.
“The U.S. capital markets need to be protected from tyrannical chairmen, including the current. It’s time for real reform and the firing of Garry Gensler as chairman of the Securities and Exchange Commission.”
The proposed bill goes beyond just firing Gensler. The politician is demanding that the SEC be restructured to redistribute power and change the agency’s decision-making algorithm.
In particular, Davidson wants a sixth commissioner at the SEC. It will present an alternative viewpoint and provide a more comprehensive approach to regulating financial markets.
The rules do not explicitly mention cryptocurrencies. But Congressman Warren Davidson is a well-known supporter of industry.
Gary Gensler, on the contrary, is extremely hostile to cryptocurrency. He recently said that the U.S. does not need such assets at all.
He recently said that the U.S. does not need such assets at all.