US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler.

United States Congressman Warren Davidson has introduced the “SEC Stabilization Act” in the House of Representatives on June 12. The main objective of the bill is to remove Securities and Exchange Commission (SEC) chair Gary Gensler from his position.

Davidson stated:

“The United States 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.”

Davidson had previously announced his intention to introduce the bill earlier this year, in response to a tweet by Coinbase legal chief Paul Grewal. Representative Tom Emmer is the co-author of the bill. Emmer stated, “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.”

According to Fox News, the bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party holding a majority on the commission and create an executive director position.

Although neither lawmaker mentioned cryptocurrency in their statements, both Davidson and Emmer are known to be pro-crypto and critical of Gensler’s leadership in the SEC. Emmer has referred to Gensler as a “bad faith regulator,” while Davidson is the vice chair of the House Financial Services Committee’s new Subcommittee on Digital Assets, Financial Technology and Inclusion.

Cointelegraph has reached out to the SEC for comment and will update this story if a reply is received.