On June 12, pro-crypto US Congressman, Warren Davidson introduced a bill to restructure the U.S. SEC (Securities and Exchange Commission). The bill was co-authored by Rep. Tom Emmer. The bill aimed to remove the current chair Gary Gensler from office. Davidson referred to Gensler as a “tyrannical chairman” who needed to be stopped by Congress.
The bill strived to split authority between the SEC Chairman and Commissioners once Gensler is removed. The legislation also aimed to increase the SEC’s commissioner count by one. According to Davidson, the decision will benefit the market “for years to come.”
Attorney John Deaton, who represented XRP holders in the SEC vs Ripple lawsuit, does not believe that the bill will be passed in Congress. However, the pro-crypto lawyer said that Gensler’s “days are limited,” even if the legislation is not passed. Deaton also said that Gensler, “is an agent of the status quo, determined to help incumbent banks stay in power.”
The crypto community wants the bill passed
The bill piqued the curiosity of the crypto community. Given the SEC’s recent crackdown on the industry, many people said that the law is arriving at an appropriate time. Gensler’s strict regulation initiative has been openly challenged by Davidson and Emmer. Davidson announced in April that he intended to introduce legislation to have Gensler dismissed.
He revealed it, just after asking Gensler for his opinion on whether XRP is a security. As previously said, Gensler resisted designating XRP as a security. According to the SEC chairman, the legal dispute over whether XRP counts as a security is still pending.
However, attorney Deaton appears to be a little dubious, despite the fact that many crypto aficionados hope the measure will be adopted. The well-known crypto proponent pointed out that even though the bill makes sense, it is unlikely to become law.