US Congressman Files Legislation To Restructure The SEC, And Fire Gary Gensler

Key Takeaways:

• A US Congressman has filed legislation that seeks to remove curred SEC chairman Gary Gensler.
• The move claimed to be an attempt to protect US markets from a “tyrannical” official.

PATNA (CoinChapter.com) — In a move that would likely find many supporters in the crypto community, a US Congressman has filed legislation seeking the removal of incumbent SEC chairman Gary Gensler.

Representative Warren Davidson (Ohio 8th District) filed the legislation, calling for restructuring the US Securities and Exchange Commission. Moreover, Rep. Davidson stated that the US government should fire Gary Gensler for being a “tyrannical chairman.”

Interestingly, the legislation comes days after the SEC filed lawsuits against crypto exchanges Binance and Coinbase. The Ohio representative’s legislation would also seek to restructure the organization hierarchy of the SEC.

The Congressman had first raised the issue in April this year, introducing a bill for Gensler’s removal at the conclusion of the SEC chair’s Congressional hearing on April 18.

“To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board, where all authority resides. Former Chairs of the SEC will be considered ineligible“

Rep. Warren Davidson had said in an statement

Rep. Davidson proposed SEC restructuring would see all “rulemaking, enforcement, & investigations conducted by 6 commissioners” while establishing an Executive Director for everyday roles.

Also Read: 3 reasons why Alexander Soros should invest in the crypto sector

The Ohio Congressman has the support of House Majority Whip Tom Emmer for the legislation.

Crypto Twitter Welcomes The Move Against SEC Chair Gensler

Meanwhile, the Twitter crypto community welcomed the opportunity of seeing Gary Gensler getting ousted from his position. Crypto influencer XRPcryptowolf replied to one of the Congressman’s tweets, stating,

“No need to explain. Just please fire Gary Gensler“

Others agreed, stating that the lawmakers “could have snuck anything else past us and we wouldn’t have caught it” if it meant the removal of Gary Gensler.

Several meme tokens and fringe crypto elements also supported the move. However, some users remained apprehensive of the move, with one trader doubting if the Senate would pass the legislation.