Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Republicans Tom Emmer, who serves as majority whip in the U.S. House of Representatives, and Ohio Congressman Warren Davidson, are leading a legislative effort aimed at removing Gary Gensler from his position as chairman of the U.S. Securities and Exchange Commission (SEC).
“Gensler’s SEC sides with Wall Street, not Main Street," Emmer wrote on social media.
Emmer, along with other lawmakers, has been openly critical of Gensler and the SEC's stance on the evolving financial landscape, particularly about cryptocurrencies.
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Previously, he described the SEC chair as “ineffective as he is incompetent.”
Emmer co-led a regulation bill last month in the House, which advocated for Gensler's removal and called for stricter regulations on the SEC’s approach to the digital asset industry.
Davidson also voiced his support for the bill this week, suggesting that 2024 would be an opportune time to dismiss Gensler.
Supporters of this move argue that the SEC has demonstrated a lack of impartiality in its handling of cryptocurrency-related matters, including the delay of Spot Bitcoin ETF applications and the establishment of crypto regulations.
So far, Gensler has not publicly responded to the growing support for the SEC Stabilization Act.
Gensler, 66, is a former Goldman Sachs investment banker. Earlier this month, he issued a statement outlining how current securities laws are applicable to today's crypto securities markets.
The path forward for the approval of the bill remains uncertain.
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