Ohio Congressman Warren Davidson has introduced the SEC Stabilization Act, which aims to restructure the regulatory agency and remove Chair Gary Gensler. The bill is designed to streamline US capital markets and comes at a time when Gensler is facing criticism for his approach to enforcing laws on the crypto market.

Meanwhile, the XRP community is awaiting the public release of the Hinman documents on 13 June, which could have a significant impact on the Ripple lawsuit with the SEC. House Majority Whip Tom Emmer has supported Davidson's bill, arguing that US investors and the industry need clear and consistent oversight.