Gary Gensler or be ousted? The SEC's incoming chairman is likely to be crypto-friendly

Today, the SEC Stability Act, which was previously famous and aimed at firing SEC Chairman Gary Gensler, was signed by two members of Congress and will enter the legislative process in the future.

If this bill is formally passed in the future, Gary Gensler, the public enemy of crypto, will be officially removed.

The lawmakers who are driving this legislative process are the two “crypto-friendly congressmen” Warren Davidson and Tom Emmer, who have been making a name for themselves in the crypto community for their “pro-crypto stance”.

Warren Davidson said 2024 would be an excellent time to fire SEC Chairman Gary Gensler. He also recommended holding the SEC accountable for its corrupt practices and ending the accredited investor rules that protect transactions at the chaebol class.

Tom Emmer said bluntly about Gensler’s regulation that “stifles innovation in the world’s largest economy”.

The removal of Gary Gensler, the public enemy of crypto, is undoubtedly a great event for the crypto community to cheer. And when the launch of BitcoinSpot ETF is just a “kick in the door”, may the ETF become Gary Gensler’s last political legacy?

Who will command the SEC in the future?

The chairman’s departure has left a huge power vacuum at the SEC, and the question of who will succeed Gensler is the most critical question.

According to the proposal, the removal of Gary Gensler as chairman would result in a reorganization of the committee, the distribution of chair powers to the other members, and all rulemaking, enforcement, and investigations would be led by the six members for a six-year term, with the creation of an executive director position to oversee day-to-day operations. In addition, in order to prevent a single political party from gaining control of the SEC, no party can have more than three committee seats, and a structure similar to that of the Federal Election Commission (FEC) will be implemented.

In addition, a sixth commissioner and an executive director will be added to oversee day-to-day operations, and all rulemaking, enforcement and investigative powers will remain with the Commissioner.

The proposed restructuring aims to prevent a single party from having more than three commission seats, thereby protecting the U.S. Capital Market from potential political agendas.

Prelude to the recall

This bill was introduced as early as June this year, and Warren Davidson, a member of the US House of Representatives, issued a document saying that the US SEC Stability Act has been formally submitted, requiring the reorganization of the US SEC and the dismissal of its chairman Gary Gensler. The bill was supported by another member of the House of Representatives, Tom Emmer.

“U.S. Capital Market must be protected from tyranny, including the current chairman,” Warren Davidson said publicly. The original intent of the legislation was to address the current problem of abuse of power and to ensure protections in the best interests of the market for years to come. It’s time for real reform and firing Gary Gensler as SEC chairman. The tweet garnered nearly 4 million views, 44,000 likes, and 16,000 retweets.

At the time of the bill’s inception, Tom Emmer explained, “U.S. investors and industries deserve clear and consistent scrutiny, not political games.” The two lawmakers agreed that Gensler had over-exercised his power, and that such behavior was stifling innovation in the United States.

"The Stability Act will make common-sense changes to ensure that the SEC’s priority is to protect investors and not the whims of its reckless chairman. ”

"U.S. Capital Market must be protected from the influence of an authoritarian SEC chairman. ”

Who’s pushing?

And the two members of Congress, who have been vigorously promoting this matter, are well known to the crypto community for their long-standing “pro-crypto stance”.

In addition to the unremitting resistance of crypto-native people to the US SEC, all this is inseparable from the strong support of “crypto-friendly” legislators. Today, Odaily will introduce a man who has been active in the crypto industry, and he is Tom Emmer, who introduced the Securities Clarity Act, the SEC Stability Act, the Blockchain Regulatory Certainty Act, and other bills.

Tom Emmer is not just a member of Congress, he is the majority whip of the House of Representatives. Born in 1961, Emmer received a bachelor’s degree in political science and a doctorate in law, joined the U.S. House of Representatives in 2015, is a member of the House Financial Services Committee, a member of the House Republican Steering Committee, and was recently elected as the majority whip to enter the 118th Congress.

In Emmer’s eyes, the SEC’s strong regulation of Crypto Assets is playing a political game. As early as March 16, 2012, Emmer accused the SEC of abusing its authority to investigate Crypto Assets companies and sent a bipartisan letter to SEC Chairman Gary Gensler questioning Crypto Assets regulation, asking the SEC to disclose the standard procedures for collecting and ensuring that these investigations do not violate the Administrative Work Reduction Act.

Emmer was one of many lawmakers who opposed Gensler and the SEC’s enforcement of the financial future, especially Crypto Assets, after calling the SEC chairman “incompetent.” Davidson previously said that 2024 would be the best time to fire Gensler.

Warren Davidson is another influential crypto-friendly congressman who has served as a U.S. Representative for Ohio’s 8th Congressional District since 2016.

Born in the United States, Davidson showed a keen interest in politics and leadership from an early age. As an adult, he chose to enter the military and become an officer. As a member of the House Committee on Financial Services, Davidson has played a key role in shaping and advancing financial policy.

To the crypto community, he is one of the most active supporters of crypto in the U.S. Congress. He believes that Crypto Assets and Blockchain technology have the potential to revolutionize the financial industry and improve economic efficiency. Davidson stressed the importance of proper regulation of this emerging market, while also calling on governments to avoid excessive intervention that could stifle innovation.

While Emmer and Davidson are the two “crypto-friendly congressmen” we know best, the evolution of crypto regulation is not just about just two lawmakers, but there are countless people behind the scenes who have contributed to this initiative. It is precisely because of the persistent support of these people, perhaps one day we will have a regulatory spring, no longer a years-long lawsuit, no longer a “forced settlement”, but under legal regulation, Crypto Assets thrive.

Favourable Information ETF Landing?

With the advancement of BitcoinSpot ETFs, Gensler’s own attitude towards crypto regulation has been changing.

In November of this year, ARK Invest ARK Invest ARK Invest, the full name of Ark Investment Management LLC (English: ARK Investment Management LLC), is a New York-based asset management company founded by Catherine Wood in 2014. As of February 2021, the company had approximately $50 billion in assets under management. Ark Investments focuses on companies that are applying revolutionary technologies.[4]Such technologies include artificial intelligence, DNA sequencing, gene editing, robotics, electric vehicles, energy storage technology, financial technology, 3D printing, Blockchain, Crypto Assets, etc. The company also publishes market analysis, trading, investment portfolios and research reports to the public. Read more In an interview with CNBC, CEO Cathie Wood hinted that Gary Gensler’s attitude towards ETFs may depend on his political ambitions. He said there was “speculation” that Gensler wanted to serve as US Treasury secretary, and that the Treasury secretary would need to be “very focused on the US dollar”, which partly contributed to the blockage of BitcoinSpot ETFs.

And as the clock progressed into December, Gensler’s statement showed signs of “relenting”. In mid-December, when reporters asked whether the SEC might soon take action on the SpotBitcoin ETF applications under review, Gensler responded with silence — not a negative — change from its previous attitude.

Speaking at the Health Market Association conference, Gensler said he would not “prejudge” the matter. He previously called the agency’s review process a “time-tested process.”

In mid-to-late this month, Gensler again said that the SEC’s “new review” of the SpotBitcoin ETF application had taken into account the recent court ruling.

“We’ve denied many of these types of applications in the past, but the court in the District of Columbia has a say here,” Gary Gensler said in an interview with CNBC on Thursday. "So, based on these court rulings, we’re taking a fresh look at that. ”

US SEC official John Reed Stark said that the approval of the BitcoinSpot ETF is likely to be a political legacy for Gary Gensler.

As Gensler’s position becomes more and more precarious, this “public enemy of crypto” who has been fighting the crypto world for several years is likely to “do something” in the last time.