- Warren Davidson introduced a massive bill
- It qualitatively changes the way the SEC works.
- And reduces its power in the capital markets
US Congressman Warren Davidson introduced “SEC Stabilization Act”. This is a landmark act of restructuring the US Securities and Exchange Commission (SEC). He suggests the dismissal of the current chairman of the agency, Gary Gensler.
Davidson expressed distrust of the current leadership of the SEC. In his opinion, the recent actions of the department have dire consequences for the entire economy.
“The US capital markets need to be protected from tyrannical chairmen, including the current one. It’s time for real reform and the removal of Gerry Gensler as chairman of the Securities and Exchange Commission.”
The proposed bill goes beyond simply firing Gensler. The politician demands to restructure the SEC so as to redistribute power and change the agency’s decision-making algorithm.
In particular, Davidson wants the SEC to have a sixth commissioner. It will represent an alternative point of view and provide a more comprehensive approach to the regulation of financial markets.
The rules do not explicitly mention cryptocurrencies. But Congressman Warren Davidson is a well-known supporter of the industry.
Gary Gensler, on the other hand, has an extremely hostile stance towards cryptocurrencies. He recently said that the United States does not need such assets at all.