US Congressman Tom Emmer has asked US Securities Exchange Commission (SEC) Chairman Gary Gensler to appear before Congress and answer questions about the cost of his regulatory failures in the world of cryptocurrency.
Lawmaker Requests SEC Chief Gensler Testify on Crypto Regulation
US Congressman Tom Emmer (R-MN.) has called on US Securities Exchange Commission (SEC) Chairman Gary Gensler to testify before Congress and explain his issues with regulating the crypto industry. In a tweet on Friday, the Minnesota congressman said:
Gensler has bypassed Congress at the expense of investors by letting us know about SEC crypto investigations, such as the one into FTX, through the media.
He also pointed out that the SEC chief “has not appeared publicly before the House Financial Services since October 5, 2021.”
Emmer, who is the chair of the Congressional Blockchain Caucus, also said in a separate tweet that he had “received information from multiple sources… that Gary Gensler’s efforts to gather information on cryptocurrency companies were not targeted, intentional, or clear; rather, the SEC requests were random and unfocused.”
The legislator continued:
We now know that Gensler’s attempts to gather crypto information were unsuccessful.
Representative Emmer mentioned that he had previously sent Gensler a letter asking for information on how the Securities watchdog intends to regulate the cryptocurrency sector. However, he stated that the SEC chief “has refused to provide Congress with the information requested in the letter, which would have informed Congress of the apparent inconsistencies in Gensler’s approach that led to him losing Terra/Luna, Celsius, Voyager, and FTX.”
Emmer concluded:
Gary Gensler is required to testify in front of Congress and answer questions about his regulatory failures and the costs.
The congressman has been vocal about his criticism of Gensler’s enforcement-focused approach to crypto regulation. Back in June, he said: “Under Gensler’s presidency, the SEC has become a power-hungry regulator, politicizing law enforcement, goading companies into ‘going in and talking’ to the Commission, and then hitting them with enforcement actions, discouraging good faith cooperation.” Last month, he said: “Chairman Gensler’s reign at the SEC has been characterized by regulatory hypocrisy and inconsistency. It is unacceptable that Gary Gensler does not meet the same standards of transparency that he imposes on the private sector.”
The securities regulator made an announcement on Tuesday, where it also accused FTX and its former CEO, Sam Bankman-Fried (SBF), of “orchestrating a scheme to defraud equity investors.”
Do you think SEC Chairman Gensler has failed to regulate the cryptocurrency sector? Let us know what you think in the comments section.
