US Congressman Warren Davidson has proposed the “SEC Stabilization Act” to the House of Representatives, as announced on June 12. The legislation’s key provision is the dismissal of Gary Gensler, the current chair of the Securities and Exchange Commission (SEC).

Davidson stated:

“The US capital markets must be safeguarded from an overbearing Chairman, including the present one. That’s why I’m introducing a bill to rectify the ongoing misuse of power and ensure protection that aligns with the market’s best interests for the future. It’s time for genuine reform and to dismiss Gary Gensler as the SEC’s Chair.”

Davidson had previously announced his intention to propose this bill earlier this year. The move comes in the wake of a series of lawsuits filed by the SEC against major cryptocurrency platforms, which has stirred controversy and criticism.