Repubicans in the House of Representatives have introduced legislation to remove SEC Chair Gary Gensler and make other changes

On Monday, Republican lawmakers in the House introduced legislation that would remove Gary Gensler as chairman of the US Securities and Exchange Commission and reorganise the agency.

“A tyrannical Chairman, such as the present one, must be protected from U.S. capital markets, Davidson said in a statement. Because of this persistent misuse of authority, I’ve introduced legislation to put the market’s long-term interests first.”

The legislation would establish the position of executive director to handle the agency’s day-to-day operations and add a sixth commissioner to the current five-member commission.

There are three Democrats and two Republicans on the board of commissioners, but under the new GOP plan, that number would be capped at three.

Democratic backing is required for the measure to pass. The SEC’s crypto regulations have come under fire from several politicians.

Chair Gensler has called for crypto businesses to register and be regulated by the agency, stating that most cryptocurrencies are securities.

Sen. Cynthia Lummis, a Republican, has spoken out against the SEC’s action against Coinbase, saying that the agency’s “regulation by enforcement” strategy is bad for consumers.

To avoid having the sector go abroad or into the shadows, Lummis tweeted last week that a robust regulatory framework must be established that exchanges can comply with.

Also Read: SEC Stabilisation Act filed by US politician Gensler