House Republicans have introduced a bill that seeks to remove Gary Gensler from his position as Chair of the U.S. Securities and Exchange Commission (SEC). The bill, titled the “SEC Stabilization Act”, was proposed by Congressman Warren Davidson of Ohio on June 12th, 2023.
Gensler was nominated by President Joe Biden in February 2021 and confirmed by the Senate shortly after. He has been an outspoken advocate for investor protection and fair markets since taking office.
The bill's main provision is to fire Gensler from his position as SEC Chair. Davidson said in a statement: "The SEC has become increasingly politicized under Mr. Gensler’s leadership, which has caused uncertainty in our financial markets and put investors at risk".
Gensler has also been vocal about cryptocurrency exchanges, calling them a “wild west” for investors. This sentiment has led to tension between the SEC and the Commodity Futures Trading Commission (CFTC). Brian Armstrong, CEO of Coinbase, recently pointed out this turf war between the two agencies in a tweet on June 11th.
It remains to be seen whether or not this legislation will pass through Congress or if it will have any effect on Gensler's tenure as SEC Chair.