Republicans take shot at SEC’s Gensler with proposal to oust him

Republican lawmakers took a shot at the U.S. Securities and Exchange Commission Chair Gary Gensler on Monday, announcing proposed legislation that would seek to remove him. But they’d need bi-partisan support for it to pass the Senate.

House Majority Whip Tom Emmer, R-Minn., a longtime proponent of digital assets, joined the introduction of Rep. Warren Davidson’s so-called “SEC Stabilization Act” that aims to restructure the Securities and Exchange Commission and remove Gary Gensler as Chair.

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The proposed legislation would adjust the commission to include a sixth commissioner, and a single political party would not be able to hold more than three commissioner seats at a given time.

Source: The Block: Republicans take shot at SEC’s Gensler with proposal to oust him