"It must be bad if Gary Gensler's successor has the same attitude."
United States (US) Congressman Warren Davidson yesterday announced the filing of the Securities and Exchange Commission (SEC) Stabilization Act to reorganize the regulatory agency and fire Chairman Gary Gensler.
Davidson also said that he not only intends to correct the abuse of power that has been on the rise in recent times but also to ensure that the cryptocurrency market is always protected.
He, who is supported by House Majority Whip Tom Emmer, is of the view that US investors and industry deserve clear and consistent oversight and that this action is not a political game at all.
Therefore, the first step Davidson will take through the SEC Stabilization Act is to fire Gensler and then overhaul the process of rulemaking, enforcement and investigations.
It is widely known that the bill, which also aims to streamline the US capital market, was implemented while Gensler faced intense criticism due to his aggressive actions against the crypto market.
In addition, the long-running lawsuit between Ripple (XRP) and the SEC is currently awaiting the release of the Hinman document on June 13, 2023 that could determine whether the digital asset is a security or not.
XRP's lawsuit with the SEC is currently the most important conflict since its decision will have an impact on the crypto market after Judge Analisa Torres delivered her Summary Judgment.
