House Republicans try to oust Gensler with new bill

Reps. Davidson and Emmer say the SEC should operate without a chair

article-image

Rep. Tom Emmer | Al Mueller/Shutterstock modified by Blockworks

share

Two House Republicans have partnered on a bill to kick Gary Gensler to the curb and restructure the Securities and Exchange Commission. 

Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minn., introduced the SEC Stabilization Act Monday.

“U.S. capital markets must be protected from a tyrannical Chairman, including the current one,” Davidson wrote on Twitter. “I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come.” 

The bill suggests that the SEC remove the chair position, which Gary Gensler currently holds, and instead appoint an “executive director” to oversee operations. 

The bill also proposes adding a sixth SEC commissioner. There are currently five seats, one held by Gensler, nominated by the president and approved by the Senate. 

“American investors and industry deserve clear and consistent oversight, not political gamesmanship,” Emmer said in a statement Davidson shared on Twitter. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”

A number of influential Republican lawmakers of late have continued their criticism of Gensler’s agenda  — and particularly his approach to crypto. 

“There are some who argue ‘the SEC’s got this,’” Dusty Johnson, R-S.D., said last week during a House hearing on crypto spot market regulation. 

Johnson at the time inquired to witness Rostin Behnam, chair of the Commodity Futures Trading Commission, why such a method is flawed.  

“Regulation by enforcement is not an appropriate way to govern a market, adequately protect customers or promote innovation,” House Agriculture Committee Chair Glenn Thompson, R-Penn., said during the hearing.

Reps. Emmer and Davidson did not immediately return Blockworks’ requests for comment.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

REPORT_Template.png

Research

The Sonic blockchain is leveraging redesigned airdrop incentives and its FeeM program to propel DeFi activity and attract institutional capital, setting the stage for ecosystem growth. Within this environment, leading protocols Shadow Exchange and Silo are poised to asymmetrically benefit due to innovative features and favorable valuations, despite facing ecosystem dependency and competitive pressures. This positions them as compelling, potentially shorter-term, investment opportunities contingent on Sonic's sustained success.

article-image

Bitcoin needs a price, but its magic runs deeper

article-image

Circle had a pretty successful first day of trading, but what’s next for the stablecoin issuer?

article-image

Solana’s USDC caught a boost after being paired with the TRUMP memecoin

article-image

The stablecoin issuer’s successful first day of trading is likely to spur more crypto IPOs, industry watchers say

article-image

Job openings rallied and continuing claims stalled ahead of May’s employment report

article-image

A group of Twitch streamers battle for bitcoin. Will their chats help them?