United States Rep. Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives, announced on June 12. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. 

Davidson said 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.”

Davidson declared his intention to introduce the bill earlier this year. He made that announcement in reply to a tweet by Coinbase legal chief Paul Grewal. Rep. Tom Emmer is the co-author of the bill. Emmer said, “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 from holding a majority on the commission and create an executive director position.

Although the lawmakers did not mention cryptocurrency in their statements, both Davidson and Emmer are known to be pro-crypto and critical of Gensler’s leadership at the SEC. Emmer has, for example, called Gensler a “bad faith regulator,” and Davidson is the vice chair of the House Financial Services Committee’s new  Subcommittee on Digital Assets, Financial Technology and Inclusion.

An SEC spokesman declined to comment when approached by Cointelegraph.