US Representative Tom Emmer has demanded the firing of SEC Chairman Gary Gensler. Gary had gone on Twitter to ask users to submit tips or complaints to the SEC, prompting Emmer to respond, “I’d like to report the SEC Chair for regulation-by-harassment,” and used a hashtag calling for Gary’s dismissal.
Emmer isn’t alone in his criticism. The crypto community and several industry advocates have had enough of Gary’s leadership, and their calls for change are getting louder by the minute.
I’d like to report the SEC Chair for regulation-by-harassment. #FireGaryGensler https://t.co/oMyDIEU3o1
— Tom Emmer (@GOPMajorityWhip) July 12, 2024
Gary’s tenure has seen the SEC’s relationship with the crypto industry become downright hostile. Many believe a leadership change is overdue. Billionaire businessman Mark Cuban also told Fox Business that:
“You all have permission to quote me saying that Biden should fire Gary Gensler. He is the problem.”
Cuban’s criticisms go deeper. He argues that Gary’s regulatory strategies are intentionally designed to create confusion and obstacles for cryptocurrency companies.
The entrepreneur added that Gary’s approach is to “litigate to regulate,” which means it’s nearly impossible for crypto companies to understand the rules they need to follow.
Cuban, a strong supporter of the crypto industry, has repeatedly dissed Gary for his treatment of crypto. He even went as far as to say that Joe Biden loses the election, it’d be because of Gary.
“I have said many times that Biden has to choose between Gensler or crypto voters or it could cost him the White House.”
US Congressman Warren Davidson, with backing from Emmer, has also advocated for Gary’s removal. Davidson introduced the SEC Stabilization Act.
The bill plans to restructure the SEC and remove Gary, citing a “long series of abuses” under his leadership.
Davidson and Emmer argue that Gary’s “enforcement-first regulatory approach” has done an insane amount of damage to the SEC’s relationship with crypto.
They claim that under him, the SEC has favored Wall Street over Main Street and misused its power, requiring reform to protect American capital markets.
Gary Gensler has a weird relationship with the crypto community. He once taught a course on blockchain and money at MIT, but has been nothing short of ant-crypto since he started leading the SEC.
Still, however, he is on his way to approving the launch of spot Ethereum ETFs six months after he approved Bitcoin’s.
Meanwhile, the House has rebuked the SEC for its cryptocurrency crackdown. A few weeks ago, it passed a legislation bill that limits the agency’s regulatory powers.