Congressman Emmer Supports Bill Targeting Gensler, Could Boost Bitcoin and Ripple

December 30, 2023 William Ross Cryptocurrency News 0

XRP Skyrockets 26% Following New York Judge’s Ruling in SEC Lawsuit

Congressman Tom Emmer, a staunch crypto advocate in the US House of Representatives, has thrown his weight behind a bill seeking to remove Securities and Exchange Commission (SEC) Chair Gary Gensler. The proposed legislation, titled the “Gensler Disqualification Act,” has drawn both praise and criticism from various corners of the financial and cryptocurrency communities.

Emmer’s Criticisms of Gensler

Emmer, a Republican representing Minnesota’s 6th congressional district, has been a vocal critic of Gensler’s approach to crypto regulation. He has accused the SEC Chair of stifling innovation in the industry by applying outdated securities laws to digital assets like Bitcoin and XRP.

“Chairman Gensler has repeatedly demonstrated his hostility towards the cryptocurrency industry,” Emmer stated in a press release. “His one-size-fits-all approach to regulation is stifling innovation and harming American investors.”

The Gensler Disqualification Act

The Gensler Disqualification Act, introduced by Representative Warren Davidson (R-OH), would bar Gensler from serving as SEC Chair for a period of five years after leaving office. The bill argues that Gensler’s prior work with the cryptocurrency exchange Coinbase constitutes a conflict of interest, making him unfit to regulate the industry fairly.

See Also:  Bitcoin Rollercoaster: False SEC Approval Tweet Triggers $50 Million in Liquidations

Potential Impact on Bitcoin and XRP

Emmer’s support for the bill has been welcomed by some Bitcoin and XRP enthusiasts, who believe that Gensler’s removal could lead to more favorable regulations for these digital assets. The SEC has yet to take a definitive stance on Bitcoin’s regulatory status, while XRP has been embroiled in a years-long legal battle with the agency over whether it should be classified as a security.

Related Stories:

PayPal's Crypto Move: A Dollar-Backed Token for Online PaymentsUS lawmaker proposes bill to oust Gensler for his anti-crypto stance Tezos is a decentralized blockchain platform that stands out for its self-amending protocol and on-chain governanceIs the SEC Intentionally Delaying Crypto Regulations? US Lawmaker Questions Gary Gensler’s Agenda SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced videoSEC Chair Gensler confirms Bitcoin and Ethereum are not securities in a video from 2018 SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced videoRepublicans Seek to Remove Gensler from SEC Over Allegations of Abuse of Power SEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities ClassificationSEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities Classification Milei's Bitcoin Vision: A Tax Declaration Bill for ArgentinaArgentina President Milei Seeks to Encourage Bitcoin Use with New Tax Bill Binance and its founder Changpeng ZhaoBinance Reveals Gensler’s Job Offer Amid SEC Lawsuit SEC Cracks Down on Crypto, Sending Prices TumblingSEC Accused of Creating Confusion and Uncertainty in Crypto Industry
William Ross
About William Ross 332 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.