Crypto Market News: US Congressman Warren Davidson on Monday announced filing of the sensational SEC Stabilization Act to restructure the regulatory agency and also to fire Chair Gary Gensler. The bill, aimed at streamlining US capital markets, comes at a time when Gensler is facing heavy criticism for his style of enforcing laws on the crypto market. In a latest, CoinGape reported his warnings to crypto investors, in that he reiterates that the crypto market businesses are informed of the existing laws, although most of the industry participants dislike the status quo.
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Meanwhile, the XRP community, which has been long fighting the SEC in the Ripple lawsuit, awaits the June 13 public release of the Hinman documents. The Ripple lawsuit is currently the most important conflicts with the SEC as the outcome is expected to be right around the corner with Judge Analisa Torres likely to deliver the all important Summary Judgement any time now.
The SEC Stabilization Act To Fire Gary Gensler
Warren Davidson, a Congressman from Ohio, filed the SEC Stabilization Act aiming to restructure the agency as well as fire Chair Gensler. He explained that there was a need to fix the ongoing abuse of power and to ensure protection that is in the best interest of the market for years to come.
“U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”
Davidson was joined with support by House Majority Whip Tom Emmer, who argued that the US investors and the industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act includes firing Gensler as the first step, followed by revamping the rulemaking process, enforcement and investigations.
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