Bid Submitted to Restructure SEC

A congressman introduced bill today to restructure the SEC.

Congressman Warren Davidson has submitted a proposal to impeach Gary Gensler. However, the proposal included a restructuring of the SEC.

Congressman’s Move Against SEC

Warren Davidson, a Member of Congress today, includes the impeachment of Gary Gensler and the restructuring of the SEC. The SEC has been increasing its pressure on the crypto money industry in the USA lately. The SEC has recently received the reaction of the crypto community with its lawsuits against Coinbase and Binance. In addition, President Gary Gensler’s statements about the cases did not satisfy the community and the industry.

A new bill has been introduced by a pair of Republicans aiming to remove the chairman of the Securities and Exchange Commission (SEC). The proposed SEC Stabilization Act, presented by Representative Warren Davidson and Congressman Tom Emmer, aims to restructure the SEC and remove President Gary Gensler from office. The bill aims to address what lawmakers have called Gensler’s “permissible long-term abuses under the current SEC structure.”

The proposed SEC Stabilization Act aims to restructure the commission in a way that would remove Gensler from his SEC-led position and redistribute power from the president to other commissioners. He would also add a sixth commissioner to the body and create an executive director position to oversee day-to-day operations. Commissioners will again be subject to staggered six-year terms, but political parties will be prevented from controlling more than three seats on the commission.