US lawmaker proposes bill to oust Gensler for his anti-crypto stance

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The US House of Representatives is set to vote on a bill that would remove Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), from his position for his alleged hostility towards the cryptocurrency industry.

The bill’s sponsor and supporters

The bill, titled the “Protecting Innovation in America Act”, was introduced by Representative Ted Budd, a Republican from North Carolina and a member of the Congressional Blockchain Caucus. The bill has 12 co-sponsors, all Republicans, who claim that Gensler is stifling innovation and harming investors by imposing excessive regulation on the crypto space, reports News.today.

The bill’s arguments and goals

The bill accuses Gensler of exceeding his authority and violating the Administrative Procedure Act by issuing “guidance” that effectively creates new rules without public input or congressional oversight. The bill also argues that Gensler is ignoring the existing legal framework that distinguishes between securities and commodities, and that he is applying a “one-size-fits-all” approach that does not reflect the diversity and complexity of the crypto ecosystem.

The bill aims to remove Gensler from his post and replace him with a new SEC chair who would respect the innovation and potential of the crypto industry. The bill also calls for a moratorium on any new SEC enforcement actions or rulemaking related to crypto until a new chair is confirmed.

The bill’s chances and implications

The bill faces an uphill battle in the House, where Democrats hold a slim majority and are unlikely to support a move to oust Gensler, who was appointed by President Joe Biden. The bill would also need to pass the Senate, where Democrats have a 50-50 tie with Republicans, with Vice President Kamala Harris as the tie-breaker. Even if the bill somehow passes both chambers, it would still need to be signed by Biden, who could veto it.

However, the bill reflects the growing frustration and discontent among some lawmakers and industry players with Gensler’s approach to crypto regulation. The bill could also put pressure on Gensler to adopt a more balanced and collaborative stance towards the crypto community, or risk losing his credibility and legitimacy as the SEC chair.