[raiders72001]

Republicans object to Gensler’s “long series of abuses that have been permitted under the current SEC structure.” Recently, prominent crypto events also stemmed from Gary Gensler with the attack on 2 major US exchanges, Binance and Coinbase.The SEC’s legal case against Binance is centered on the claim that the exchange engaged in unregistered securities transactions, therefore breaching US securities laws. Binance is one of the world’s major cryptocurrency exchanges, and it plays a key role in the market, thus this lawsuit is a source of considerable anxiety for many investors.
Coinbase, on the other hand, has been accused of deceiving investors and breaking federal securities laws in connection with Coinbase Lend, their lending product. The SEC’s main concern is the product’s nature and whether it should be categorized as a security, necessitating greater restrictions and control.
The SEC’s recent cases against Binance and Coinbase herald the start of a new age of regulatory scrutiny for digital assets.
Commissioners would continue to retain rulemaking, investigative, and enforcement jurisdiction, as well as staggered six-year terms.
Moreover, the SEC Stabilization Act would prohibit any political party from having more than three members on the commission and would institute a structure similar to that of the Federal Elections Commission (FEC).
Warren Davidson, Gary Gensler, and Tom Emmer
Rep. Byron Donalds, R-Fla., recently questioned Gensler about the notorious Steele dossier paid for by former Secretary of State Hillary Clinton’s 2016 presidential campaign at a House Appropriations Subcommittee hearing. The SEC chairman served as Clinton’s top finance officer throughout her disastrous presidential campaign.
As Coincu reported, Davidson said that he would submit legislation to oust SEC Chairman Gary Gensler. He stated:
“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. Former Chairs of the SEC are ineligible

https://cryptorank.io/news/feed/032f...fire-sec-chair

[raiders72001]

Key Points:

• House Republicans Warren Davidson and Tom Emmer have formally introduced legislation to reform the Securities and Exchange Commission and replace its chairman, Gary Gensler.
• When the SEC went after two big cryptocurrency exchanges last week, it rattled the entire digital asset market.
• The newly introduced legislation will reorganize the regulatory agency in order to replace its present structure.

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