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.