Author: Loopy Lu, Odaily Star Daily

Today, the previously famous "SEC Stability Act," aimed at dismissing SEC Chairman Gary Gensler, has been signed by two members of Congress and will enter the legislative process in the future.

If this bill is formally passed in the future, Gary Gensler, the official enemy of crypto, will be officially removed.

The legislators driving the legislative process this time are the two "crypto-friendly members of Congress," Warren Davidson and Tom Emmer, who have long been famous in the crypto community for their "pro-crypto stance."

Warren Davidson stated that 2024 would be the best time to dismiss SEC Chairman Gary Gensler. He also suggested holding the SEC accountable for its corrupt behavior and ending the qualified investor rule that protects the financial elite's transactions.

Tom Emmer criticized Gensler's regulatory actions, stating that they "stifle innovation in the world's largest economy."

The dismissal of Gary Gensler, the enemy of crypto, is undoubtedly a cause for celebration in the crypto community. With the launch of the Bitcoin spot ETF just around the corner, could the ETF become Gary Gensler's final political legacy?

Who will lead the SEC in the future?

The departure of the chairman has left a huge power vacuum at the SEC, and who will succeed Gensler is the most critical issue.

According to the proposal, after removing Chairman Gary Gensler, the commission will be restructured, with the chairman's powers being distributed to other commissioners. All rulemaking, enforcement, and investigations will be led by these 6 commissioners, with a term of six years, and a chief executive position will be established to oversee daily operations. In addition, to prevent any party from controlling the SEC, no party can have more than three commission seats, and a structure similar to the Federal Election Commission (FEC) will be implemented.

In addition, a sixth commissioner and a chief executive will be added to oversee daily operations, and all rulemaking, enforcement, and investigative powers will still be held by the commissioners.

The proposed restructuring aims to prevent one party from having more than three commission seats, thus protecting the U.S. capital markets from potential political agendas.

Prelude to dismissal

This bill was introduced as early as June of this year, with U.S. Congressman Warren Davidson announcing the formal submission of the "SEC Stability Act," calling for the restructuring of the U.S. SEC and the dismissal of its chairman, Gary Gensler. The bill received support from another U.S. Congressman, Tom Emmer.

Warren Davidson publicly stated, "The U.S. capital markets must be protected from tyranny, including the current chairman. The legislation is intended to address the current abuse of power and ensure that protection measures in the best interest of the market are in place for the coming years. It is time for real reform to dismiss Gary Gensler as SEC chairman." The tweet received nearly 4 million views, 44,000 likes, and 16,000 retweets.

At the time of the bill's introduction, Tom Emmer explained, "U.S. investors and the industry should receive clear and consistent supervision, not political games." Both legislators agreed that Gensler had overstepped his authority, which was stifling innovation in the U.S.

"The 'Stability Act' will make sensible changes to ensure that the SEC's priority is to protect investors, not the whims of its reckless chairman."

"The U.S. capital markets must be protected from the influence of a dictatorial SEC chairman."

Who is driving this?

The two members of Congress who have been vigorously promoting this matter are well known in the crypto community for their long-standing "pro-crypto stance."

In addition to the relentless resistance from native crypto individuals against the U.S. SEC, the support from "crypto-friendly" legislators has also played a crucial role. Today, Odaily Star Daily will introduce a man who has been active in the crypto industry, Tom Emmer, who has introduced bills such as "The Securities Clarity Act," "SEC Stability Act," and "Blockchain Regulatory Clarity Act."

Tom Emmer is not just a member of Congress, but also the Majority Leader of the House of Representatives. Born in 1961, Emmer holds a bachelor's degree in political science and a doctorate in law. He joined the U.S. House of Representatives in 2015, is a member of the House Financial Services Committee, and is also a member of the House Republican Steering Committee, and was recently elected as the Majority Leader of the 118th Congress.

In Emmer's view, the strong regulatory actions taken by the SEC on cryptocurrencies are political games. As early as March 16, 2012, Emmer accused the SEC of abusing its power to investigate cryptocurrency companies and sent a letter to SEC Chairman Gary Gensler on behalf of both U.S. parties inquiring about cryptocurrency regulation, demanding that the SEC publicly collect standard procedures and ensure that these investigations do not violate the Paperwork Reduction Act.

Emmer is one of many legislators opposing Gensler and the SEC's enforcement regulation of the financial future (especially cryptocurrencies), previously calling SEC Chairman "incompetent." Davidson previously stated that 2024 would be the best time to dismiss Gensler.

Warren Davidson is another influential crypto-friendly congressman, serving as the U.S. Congressman for Ohio's 8th congressional district since 2016.

Davidson, born in the U.S., has shown a strong interest in politics and leadership since childhood. As an adult, he chose to enter the military and became an officer. As a member of the House Financial Services Committee, Davidson has played a key role in formulating and promoting financial policies.

For the crypto community, he is one of the most active supporters of crypto technology in the U.S. Congress. He believes that cryptocurrencies and blockchain technology have the potential to revolutionize the financial industry and improve economic efficiency. Davidson emphasizes the importance of appropriate regulation of this emerging market, while also calling on the government to avoid excessive intervention to prevent stifling innovation.

Although Emmer and Davidson are the two most familiar "crypto-friendly members of Congress," the evolution of crypto regulation relies not only on these two legislators but also on the countless individuals behind the scenes who have contributed to and promoted this initiative. It is because of the unwavering support of these individuals that perhaps one day we will usher in a spring of regulation, no longer enduring years of litigation or "forced settlements," but thriving under legal regulation in the crypto world.

Good news for the ETF landing?

With the progress of the Bitcoin spot ETF, Gensler's attitude towards crypto regulation has been changing.

In November of this year, ARK Invest CEO Cathie Wood hinted in an interview with CNBC that Gary Gensler's attitude towards ETFs may depend on his political ambitions. She stated that people "speculate" that Gensler wants to be the U.S. Treasury Secretary, and the Treasury Secretary needs to "pay very close attention to the dollar," which to some extent has hindered the approval of the Bitcoin spot ETF.

As time progressed into December, there were signs of a "softening" in Gensler's stance. In mid-December, when asked if the SEC might soon take action on the pending application for a Bitcoin spot ETF, Gensler responded with silence—rather than a denial—indicating a change from his previous stance.

Speaking at the Health Market Association conference, Gensler stated that he would not "prejudge" the matter. He had previously referred to the agency's review process as a "time-tested process."

In the latter half of this month, Gensler once again stated that the SEC's "new review" of the application for a Bitcoin spot ETF had taken into account recent court rulings.

"In the past, we have rejected many such applications, but the District of Columbia Court has expressed its opinion on this," Gary Gensler said in an interview with CNBC on Thursday. "Therefore, based on these court rulings, we are taking a new look at this."

U.S. SEC official John Reed Stark stated that approving a Bitcoin spot ETF is likely to be a political legacy for Gary Gensler.

As Gensler's position becomes increasingly precarious, this "crypto enemy" who has been battling the crypto world for years is likely to "make a move" in the final moments.

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