Originally aired on June 14, 2023
Crypto firms in the US are looking to move outside the country due to the absence of regulatory guidelines. However, Congressman Warren Davidson is introducing the SEC Stabilization Act to restructure the SEC and fire Gary Gensler as the chairman. The act proposes six commissioners to make decisions, rather than a single person governing the SEC. Currently, the lack of clarity around crypto-assets and legality in the US is causing frustration among investors. Moreover, firms like a16z, who support crypto in the US, are now expanding to the UK.
Is Gary Gensler’s removal imminent, and how can the SEC stabilize the crypto market?
- Congressman Warren Davidson is seeking the SEC Stabilization Act’s approval to restructure the SEC and fire Gary Gensler as the chairman.
- The act proposes six commissioners to avoid one person’s unilateral decisions that have impacted the crypto industry.
- The lack of clarity and regulatory guidelines around crypto-assets is causing anxiety among investors and leading firms to move out of the country.
- Crypto investment firm a16z, which manages $35bn in assets, is opening a crypto start-up school in the UK due to regulatory clarity.
- The SEC’s job is to safeguard consumers, yet Gensler’s decisions have done the opposite, hurting the industry and making investors lose money.
- The DCTA is working towards good regulation that will help crypto firms thrive in a legal and ethical manner and support non-accredited investors.