Deaton Says Republicans’ Bill to Fire SEC Chair May Not Be Approved

The pro-XRP lawyer said the bill may not be approved because Gensler is an agent of the status quo.  

Prominent cryptocurrency advocate John Deaton has reacted to the new bill introduced to remove the US SEC Chairman Gary Gensler. 

The SEC Stabilization Act 

Rep. Warren Davidson introduced a new bill, dubbed the SEC Stabilization Act, in the House of Representatives yesterday. One of the primary aims of the bill was to fire Gensler from heading the United States Securities and Exchange Commission. 

Davidson tweeted yesterday that the US Capital Markets need to be protected from being headed by a tyrannical chairman like Gensler. For this reason, Davidson introduced the SEC Stabilization Act to fix Gensler’s “gross abuse of power” and protect investors. 

With Gensler removed, the bill aims to redistribute power between the SEC Chairman and Commissioners. Furthermore, the bill also intends to add a sixth commissioner to the Securities and Exchange Commission. Per Davidson, the move will be in the market’s best interest “for years to come.” 

“It’s time for real reform and to fire Gary Gensler as Chair of the SEC,” Rep. Davidson tweeted. 

It is worth noting that Rep. Tom Emmer is the co-author of the bill introduced by Rep. Davidson. 

🚨 NEWS – Today I filed the SEC Stabilization Act to restructure the @SECGov and #FireGaryGensler.

U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire @GaryGensler as Chair of the SEC. Statement ⬇️ pic.twitter.com/0VUHxUAhtB

— Warren Davidson 🇺🇸 (@WarrenDavidson) June 12, 2023

Deaton Reacts 

The bill attracted the interest of crypto community members, with many people stating that legislation is coming at an appropriate time, given the SEC’s recent crackdown on the industry. 

While many crypto enthusiasts hope the bill will be approved, Attorney Deaton seemed a bit skeptical. The prominent crypto advocate noted that although the bill sends the right message, it is unlikely to pass. 

According to Deaton, Gensler is an agent of the status quo who is determined to help incumbent banks remain in power. Deaton asserts that Gensler’s days are limited irrespective of whether Davidson’s legislation is approved. 

It isn’t likely to pass but it sends the right message. @GaryGensler is an agent of the status quo, determined to help the incumbent banks stay in power. His days are limited, whether this bill ever sees the light of day. https://t.co/vHde5vvMOg

— John E Deaton (@JohnEDeaton1) June 12, 2023

Davidson Declares Interest in Firing Gensler 

Notably, Davidson and Emmer have openly criticized Gensler’s stringent regulatory efforts within the crypto industry. In April, Davidson declared his intention to file legislation that would remove Gensler.

He made this known moment after he asked Gensler to comment on whether XRP is a security. As reported earlier, Gensler refused to call XRP a security. The SEC chairman stated that the case regarding whether XRP is a security is still in court.