Two US Congressmen, Warren Davidson, and Tom Emmer, have introduced a bill that aims to reform the Securities and Exchange Commission (SEC) and remove its current chair, Gary Gensler. The bill, called the “SEC Stabilization Act”, was announced on June 12.

The bill’s sponsors said that Gensler is a “tyrannical” and “reckless” leader who has abused his power and harmed the US capital markets. They said that their bill would make common-sense changes to ensure that the SEC’s priorities are with the investors they are supposed to protect.

The bill would also restructure the SEC by adding a sixth commissioner, preventing any party from holding a majority on the commission, and creating an executive director position. The bill would also fire Gensler from his post as SEC chair.

Davidson and Emmer are both known to be pro-crypto and have criticized Gensler’s approach to regulating the cryptocurrency industry. Emmer has called Gensler a “bad faith regulator”, and Davidson is the vice chair of a new House subcommittee on digital assets, financial technology, and inclusion.

The SEC did not comment on the bill when contacted by Cointelegraph. https://cointelegraph.com/news/breaking-us-lawmakers-file-sec-stabilization-act-to-fire-gary-gensler