US Congressman Tom Emmer has called on Securities and Exchange Commission (SEC) chairman Gary Gensler to testify before Congress and “answer questions about the cost of his regulatory failures.” The lawmaker pointed out, “Gensler has repeatedly dodged Congress at the expense of investors… by letting us know about SEC cryptocurrency investigations, like the one into FTX, through the media.”
Lawmakers want SEC Chairman Gensler to testify regarding cryptocurrency regulation
US Congressman Tom Emmer (R-MN) wants US Securities and Exchange Commission (SEC) Chairman Gary Gensler to testify before Congress about his failures, particularly in regulating the cryptocurrency industry . The Minnesota congressman tweeted on Friday:
Gensler has repeatedly dodged Congress at the expense of investors… letting us know about SEC cryptocurrency investigations, like the one into FTX, through the media.
He noted that the SEC chief “has not appeared publicly before House Financial Services since Oct. 5, 2021.”
Emmer, who chairs the Congressional Blockchain Caucus, described in another tweet that his team “received intelligence from multiple sources … that Gary Gensler’s efforts to gather information about crypto companies weren’t targeted, intentional, or clear-cut; rather, the SEC’s inquiries were haphazard and unfocused.
The legislator emphasized:
We now know that Gensler’s cryptographic intelligence gathering efforts have been ineffective.
Representative Emmer explained that he had previously sent Gensler a letter requesting information on how the securities regulator intends to regulate the cryptocurrency industry. However, he said the SEC chief “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 caused him to lose Earth/Moon, Celsius, Voyager and FTX.” .
Gary Gensler must testify before Congress and answer questions about the cost of his regulatory failures.
Lawmakers have repeatedly criticized Gensler and his enforcement-focused approach to regulating cryptocurrencies. He said in June: “Under the Gensler presidency, the SEC has become a power-hungry regulator, politicizing enforcement, luring companies to ‘get in and talk’ to the Commission, then hitting them with enforcement actions, discouraging cooperation in good faith”. Last month, he said, “Chairman Gensler’s regime at the SEC has been characterized by regulatory hypocrisy and inconsistency. It is unacceptable that Gary Gensler does not hold himself to the same standards of transparency that he imposes on the private sector ”.
The securities regulator announced on Tuesday that it had accused FTX and 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 industry? Let us know in the comments section below.
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