According to Coincu, US Congressman Tom Emmer has expressed his support for the SEC Stabilization Act, a bill aimed at overhauling the U.S. Securities and Exchange Commission (SEC) and removing its current chair, Gary Gensler. Emmer, a strong advocate for the cryptocurrency industry, criticized Gensler's leadership on social media, accusing the SEC of favoring Wall Street over Main Street.
Emmer labeled Gensler as 'ineffective' and 'incompetent,' claiming that he is ill-suited to navigate the evolving financial landscape. The Congressman revived the hashtag #FireGaryGensler, reflecting a broader sentiment within the crypto community dissatisfied with the SEC's current direction. This endorsement follows similar concerns expressed by Congressman Warren Davidson, a co-sponsor of the bill, who labeled the SEC as 'corrupt' and suggested 2024 as an opportune time to remove Gensler from his position.
Critics argue that the SEC, under Gensler's leadership, has shown bias in its decisions on crypto matters, including delays in Spot Bitcoin ETF applications and regulatory frameworks. Despite the mounting criticism, Gary Gensler has not responded to Emmer and Davidson's calls for his removal. The approval of the SEC Stabilization Act remains uncertain, with no clear path forward for the bill at this time. As tensions escalate between lawmakers and the SEC chair, the fate of Gensler's leadership hangs in the balance, reflecting broader concerns about the regulatory approach to the rapidly evolving cryptocurrency landscape.