Warren Davidson, a representative for the United States House of Representatives, has introduced the “SEC Stabilization Act” on June 12 which directly seeks the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler from his position.

Warren Davidson had this to say in a statement:

“U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why 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. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.

Gary Gensler has been the hot topic of the crypto scene amid the rise of regulation and recent SEC crackdown initiatives, attracting the support and critique of crypto fanatics and those within the industry. Despite Davidson, renowned for being “pro-crypto”, argues that Gensler’s impact on the road towards cryptocurrency regulation has been more adverse than not.

The lawmaker argues that the SEC chairman is “reckless” and labeled him as a “bad faith regulator”. Fox News reports that the bill would officially remove Gensler from office and redistribute power between the SEC chair and the other commissioners.

Sources:

https://nftnow.com/news/gop-lawmakers-call-for-the-removal-of-gary-gensler-with-sec-stabilization-act/

https://cointelegraph.com/news/breaking-us-lawmakers-file-sec-stabilization-act-to-fire-gary-gensler

https://www.foxnews.com/politics/house-republicans-introduce-bill-remove-sec-chair-gary-gensler

https://emmer.house.gov/press-releases?id=F9BD4F5B-0C81-4DE5-8F65-E78B064CB060