Rep. Tom Emmer has asked Securities and Exchange Commission (SEC) Chairman Gary Gensler to testify before Congress and “answer questions about the cost of his regulatory failures.” The MP emphasized that: “Gensler has repeatedly evaded Congress at the expense of investors… leaving us to learn about SEC cryptocurrency investigations like FTX through the media.”
Lawmakers Want SEC Chairman Gensler To Testify On Crypto Regulation
U.S. Congressman Tom Emer (R-Minnesota) has asked U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to testify before Congress, specifically about his failures in regulating the cryptocurrency industry. I hope A Minnesota congressman tweeted on Friday:
Gensler has repeatedly dodged Congress at the expense of investors… leaving us to learn about SEC crypto investigations like FTX through the media.
He said the SEC Commissioner “has not appeared publicly before the House Financial Services since Oct. 5, 2021.”
Emmer, who heads Congress’ blockchain caucuses, said in a separate tweet that his team “received information from multiple sources… Gary Gensler’s efforts to gather information about cryptocurrency companies. , was not targeted, intentional, or overt; rather, the SEC’s request was haphazard and unfocused.”
The MP emphasized that:
Gensler’s efforts to gather cryptographic information have proven ineffective.
Rep. Emmer explained that he previously sent a letter to Gensler requesting information on how the securities watchdog plans to regulate the cryptocurrency sector. However, he said the SEC secretary “refused to provide Congress with the information requested in the letter. This informed Congress of the apparent inconsistency of Gensler’s approach, and that he could not be identified as Terra/Luna, Celsius, Voyager, and caused me to miss his FTX.”
Emmer concluded:
Gary Gensler must testify before Congress and answer questions about the costs of regulatory failure.
Lawmakers have repeatedly criticized Gensler and his enforcement-centric approach to crypto regulation.he in june Said“Under Chairman Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, luring companies to ‘come and talk’ to the Commission, then attacking them with enforcement action, discouraged sincere cooperation. ’” he said last month. Said: “Chairman Gensler’s regime at the SEC has been marked by regulatory hypocrisy and inconsistency. It is unacceptable that Gary Gensler does not live up to the same standards of transparency that he imposes on the private sector.”
Securities regulator announced On Tuesday, it indicted FTX and former CEO Sam Bankman-Fried (SBF) for “organizing a scheme to defraud equity investors.”
Do you think SEC Chairman Gensler failed to regulate the crypto sector? Let us know in the comments section below.
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