Republicans want to fire SEC chairman Gary Gensler

After a regulatory push by the SEC against the crypto industry, Republicans have had enough - and are calling for the resignation of "tyrannical chairman" Gary Gensler.

Republican politicians announced on June 12 a bill to fire SEC chief Gary Gensler. In addition to Warren Davidson, crypto-friendly Republican Tom Emmer also supports the so-called "SEC Stabilization Act." In a statement he says, "American investors and the industry deserve clear and consistent oversight, not political games."

Specifically, he says, "The SEC Stabilization Act will make common sense changes to ensure that the SEC's priorities lie with the investors it is supposed to protect, not with the whims of a reckless chairman."

According to Davidson, Gensler is a "tyrannical chairman." It is "time for real reform and the removal of Gary Gensler as chairman of the SEC," the Republican added.

The proposed legislation also seeks to adjust the SEC's structures. That is why the Republicans want a sixth commissioner so that there is a partisan balance with the Democrats.

It is unclear so far whether Democrats will support the bill. The head of the SEC has not commented on the demands at the time of writing.

In the crypto industry, few personnel issues are currently talked about more heated discussion than about Gary Gensler. The head of the U.S. Securities and Exchange Commission is getting tougher on the still young crypto sector. Recently, he complained Binance at Coinbase still on.