Republican lawmakers take shot at SEC's Gensler with proposal to oust him

Republican lawmakers took a shot at the U.S. Securities and Exchange Commission Chair Gary Gensler on Monday, announcing proposed legislation that would seek to remove him. But they'd need bi-partisan support for it to pass the Senate. 

House Majority Whip Tom Emmer, R-Minn., a longtime proponent of digital assets, joined the introduction of Rep. Warren Davidson's so-called "SEC Stabilization Act" that aims to restructure the Securities and Exchange Commission and remove Gary Gensler as Chair.

"American investors and industry deserve clear and consistent oversight, not political gamesmanship," Emmer said in a statement. "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."

Davidson, R-Ohio, sits on the House Financial Services Committee and has been a longtime advocate for crypto within Congress. The SEC and its Chair have drawn criticism from the crypto industry after a series of high-profile enforcement actions and lawsuits this year. 

'Tyrannical Chairman'

"U.S. capital markets must be protected from a tyrannical Chairman, including the current one,” Davidson said in the statement. 

The proposed legislation would adjust the commission to include a sixth commissioner, and a single political party would not be able to hold more than three commissioner seats at a given time.

It wasn't immediately clear if the bill had any support in the Senate, which Democrats currently control.