Benzinga - U.S. Rep. Warren Davidson has taken a significant step by introducing a legislative bill aimed at overhauling the Securities and Exchange Commission and ousting its Chairman Gary Gensler.
The Ohio Republican referred to Gensler as a “tyrannical chairman” in a Monday statement, asserting there is a need to shield the markets from the country's top financial regulator.
This move comes on the heels of the SEC's latest enforcement actions in the cryptocurrency sector.
Last week, the regulatory body imposed a slew of charges against two major cryptocurrency exchanges, Coinbase (NASDAQ: COIN) and Binance (CRYPTO: BNB), attributing these actions to breaches of U.S. securities laws.
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Davidson Pitches SEC Stabilization Act
Davidson has formally submitted a legislative proposal seeking to remove Gensler from his position.
The bill also aims to reshape the SEC by altering its structure.
“U.S. capital markets must be protected from 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," Davidson said.
"It’s time for real reform and to fire Gary Gensler as chair of the SEC," he added.
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