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U.S. Congressman Warren Davidson has made a bold call for the dismissal of SEC Chair Gary Gensler in 2024, citing significant concerns over alleged corruption and advocating for the introduction of the SEC Stabilization Act to ensure greater accountability.

The past year has seen growing tensions between the U.S. Securities and Exchange Commission (SEC), under the leadership of Gary Gensler, and the digital asset sector. Davidson, taking a firm stand against Gensler, recently voiced his opinion that Gensler should be removed from his position in the coming year. He also called upon Congress to take decisive action against what he labeled as the SEC’s “corruptive behavior.”

The root of the issue lies in Gensler’s approach to regulation, which prioritizes enforcement, leading to a strained relationship with the digital asset industry. In a move to address these concerns, Congressman Davidson introduced the SEC Stabilization Act in June of this year.

This proposed act seeks not only the removal of Gensler but also a complete overhaul of the SEC to address a series of perceived abuses under Gensler’s tenure.

Davidson has strongly articulated the need for safeguarding the U.S. markets from what he terms a “tyrannical Chairman.” He advocates for substantial reform within the SEC, stating, “It’s time for genuine change and to terminate Gary Gensler as Chair of the SEC.”