SEC Chairman faces strong opposition from Republican lawmakers and may be ousted by the Securities and Exchange Commission Stability Act?

Some Republican lawmakers have publicly criticized SEC Chairman Gary Gensler's performance in leading the federal securities regulator, one of whom is Congressman Warren Davidson, who recently proposed legislation to remove Gensler from his position.

Less than two months later, Davidson filed the SEC Stability Act, sharing the news on Twitter on June 12.

“America’s capital markets must be protected from tyrannical chairmen, including the current one, which is why I am introducing legislation to address the ongoing abuse of power,” Davidson said in a statement. “We need to ensure the best interests of the markets are protected for years to come, and now is the time to truly reform and fire Gary Gensler as SEC Chairman .”

Davidson also announced that Republican Congressman Tom Emmer of Minnesota has chosen to join him.

“American investors and industry deserve clear and consistent regulation, not political games,” Emmer said. “The SEC Stability Act would make sensible changes to ensure the SEC’s priority is protecting the investors they are responsible for, not the whims of its chairman .”

It wasn't just Republican politicians who expressed dissatisfaction with Gensler's job performance, but also Democratic presidential candidate Robert F. Kennedy Jr.

Kennedy said last month that “the SEC’s job right now is not to protect the American people, it’s to protect the banks.” The presidential candidate also advocated for the appointment of a pro-Crypto leader at the SEC.

Davidson's proposal seeks to establish a new structure in which responsibility for setting current policy would shift from the SEC chairman to six SEC commissioners who would be involved in rulemaking, enforcement and investigations.

U.S. House Financial Services Committee Chairman Patrick McHenry also recently criticized Gensler.

During an April 18 oversight hearing, McHenry asked Gensler a question about whether ETH is a security, but at the time, Gensler did not give a clear answer.