Two House Republicans have introduced a to restructure the SEC and fire Gensler.
They never mention Gary G by name, but the intent is clear.
Warren Davidson and Tom Emmer, the representatives who authored and signed the bill, call it the 'SEC Stabilization Act
In a statement, Davidson said US capital markets "must be protected from a tyrannical Chairman, including the current one."
They also say the SEC should protect investors, instead of following the "" of its Chair.
The tone, in my view, reveals badly concealed grudge.
Don't get me wrong, I totally agree with the sentiment, but when it comes to the law, I think being neutral is actually more effective
Be that as it may, they both have a point.
Obviously, if it were up to me, Gensler would be fired right this minute, but since I don't have that power, let's stick with the facts.
Gensler is presiding a government organization that reports to another government organizations.
He's got allies and enemies in both.
Gensler recently appeared before the House Committee, and a lot of what he said, and how he said it, made him look bad for two reasons.
First, he came across as somebody who's not 100 percent sure what he's doing, and how to go about doing whatever he wants to do.
And secondly, and perhaps even more importantly, it felt like this is his personal battle
By definition, the Chair of SEC doesn't have the luxury of treating anything as a private fight.
What he thinks should be - the key word is 'should' - irrelevant.
I'm not a lawyer or a lawmaker, but if I were, I'd weaponize Gensler's hesitation to answer a simple question.
When he appeared before the House Committee, several representatives asked him several times, in no uncertain terms, "do you think ETH is a security?"
He never, not once, replied yes or no to what, according to what he says, should be a simple question.
So will he be fired?
Probably not, and not for this, but if the US wants to continue being regarded as the world's dominant financial power, especially now that its position appears weaker, then crypto must become a US-centric matter.
Or at the very least they need to try to make it a US-centric matter.
For that reason, Gary G has to go, and sooner or later he will.
Whether they fire him or not, remember, crypto is here to stay, the SEC Chair changes every few years.
