U.S. Congressman Tom Emmer has referred to as on the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, to testify earlier than Congress and “answer questions about the cost of his regulatory failures.” The lawmaker harassed: “Gensler has repeatedly dodged Congress at the expense of investors … leaving us to learn about the SEC’s crypto investigations, like the one into FTX, through the media.”
Lawmaker Wants SEC Chair Gensler to Testify Regarding Crypto Regulation
U.S. Congressman Tom Emmer (R-MN) desires the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to testify earlier than Congress about his failures, notably in regulating the crypto business. The congressman from Minnesota tweeted Friday:
Gensler has repeatedly dodged Congress on the expense of buyers … leaving us to study concerning the SEC’s crypto investigations, just like the one into FTX, by the media.
He famous that the SEC chief “hasn’t publicly appeared before the House Financial Services since October 5, 2021.”
Emmer, who chairs the Congressional Blockchain Caucus, described in a special tweet that his staff “received info from several sources … that Gary Gensler’s efforts to gather info on crypto companies were not targeted, intentional, or clear; rather, the SEC’s requests were haphazard and unfocused.”
The lawmaker emphasised:
We now know Gensler’s crypto information-gathering efforts had been ineffective.
Rep. Emmer defined that he beforehand despatched Gensler a letter requesting details about how the securities watchdog plans to regulate the crypto sector. However, he mentioned the SEC chief “declined to provide Congress with the information requested in the letter, which would’ve informed Congress of the apparent inconsistencies in Gensler’s approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.”
Emmer concluded:
Gary Gensler should testify earlier than Congress and reply questions on the price of his regulatory failures.
The lawmaker has repeatedly criticized Gensler and his enforcement-centric strategy to crypto regulation. In June he mentioned: “Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to ‘come in and talk’ to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation.” Last month, he mentioned: “Chair Gensler’s regime at the SEC has been characterized by regulatory hypocrisy and inconsistency. Unacceptable that Gary Gensler doesn’t hold himself to the same transparency standards that he places on the private sector.”
The securities regulator introduced Tuesday that it has charged FTX and former CEO Sam Bankman-Fried (SBF) with “orchestrating a scheme to defraud equity investors.”
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