What can I say? It was only a matter of time. Just because 1 person thinks something shouldn't exist doesn't mean the rest of the population has to share his ideas. Gary has also broken the law and has the potential to be thrown in prison. (Where he belongs...) DEREK ANDERSEN 6 HOURS AGO Breaking: US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler “U.S. capital markets must be protected from a tyrannical Chairman, including the current one," Rep. Warren Davidson wrote in reference to SEC head Gary Gensler. 21565Total views 162Total shares Listen to article 0:48 NEWS Collect article Collect with 40% discount from Join us on social networks United States Rep. Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives, announced on June 12. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. Davidson said in a statement: “U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I'm introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as Chair of the SEC." Davidson declared his intention to introduce the bill earlier this year. He made that announcement in reply to a tweet by Coinbase legal chief Paul Grewal. Rep. Tom Emmer is the co-author of the bill. Emmer said, “The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair." According to Fox News, the bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. Although the lawmakers did not mention cryptocurrency in their statements, both Davidson and Emmer are known to be pro-crypto and critical of Gensler’s leadership at the SEC. Emmer has, for example, called Gensler a “bad faith regulator," and Davidson is the vice chair of the House Financial Services Committee’s new Subcommittee on Digital Assets, Financial Technology and Inclusion. An SEC spokesman declined to comment when approached by Cointelegraph.
If Gensler's accusations of Binance are warranted, (and they may very well be), then I have no issues with Gensler's attacks there. Of course, causing everything but BTC and ETH to be wiped from listings in America is getting very extreme & draconian. Competition fuels innovation & better living standards for the people. Though, the way things are going, the final two players in this fighting may very well be the CFTC vs the SEC. They've already being feuding quite a bit... It may not be too hard to guess who the CME and CBOT favor in this
Well BTC and ETH especially BTC is the crypto that's most invested by the institutions so it's not surprising that Gesler wants to wipe everything else to make way for especially BTC to be the only crypto standing and accepted eventually IF that's what he's doing. But right now he seems to be concentrating on taking out Binance which is highly warranted imo. It's not the US that has problems with Binance, the whole world is it looks like. Every single country that Binance has set foot in has refused to grant it the license or permit to conduct its business.
There was a premium going around on all the licensed exchanges in Canada under the expectation that Binance (or a shell of Binance) was going to purchase a holder and make them a subsidy. That didn't happen... (unless the puppet-master hides very well). In any case, the chances of that happening now are pretty much a very long-tailed event. 10-sigmas?