Rep. Davidson introduced a Bill to fire "tyrannical chairman" Gensler and restructure the regulatory power and decision-making. Rep. Davidson specifically outlines a number of anti-crypto actions by Gensler as motivation for the bill to "to fix the ongoin

Rep. Davidson filed the SEC Stabilization Act and was joined by House Majority Whip Tom Emmer. This Bill is a measure that aims to fire Gary Gensler and restructure the SEC. More specifically, the aim is to redistribute power between the SEC chair and its commissioners. It takes steps to add a 6th commissioner and disallow any party from holding a majority on the commission. It will also create an executive director position who oversees the agency’s day-to-day operations. A single political party would never hold more than three commissioner seats at any given time, thus protecting U.S. capital markets from any future destabilizing political agenda.

In his words,“It’s time for real reform and to fire Gary Gensler as Chair of the SEC. U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come.”

​

https://preview.redd.it/3gmmeoxe3r6b1.png?366&format=png&auto=webp&s=841dc430d3caa00f45ead56b29845e97d85e3a10

As some motivations, Rep. Davidson says the following:

• Gensler averages more than two rule proposals per month, while having short(er) comment periods for market and investor feedback.
• Gensler has a “Hotel California Rule” for crypto where you check in anytime you like but can never leave
• There is endless resolution and no clarity for firms(something virtually every exchange has complained about)
• A defacto ban on crypto through proposed custody rule
• Unhappy capital and companies leaving the [US]

I think a powerful quote at the end is where the representative says “You can’t just exclude retail investors from markets and claim it’s for their own good. Our markets need to function and flourish”

https://twitter.com/WarrenDavidson/status/1648379560122105882?s=20

https://davidson.house.gov/2023/6/rep-davidson-introduces-sec-stabilization-act-to-remove-chair-gary-gensler