US Congressman Tom Emmer slams SEC chief over crypto regulation

US Congressman Tom Emmer has questioned the head of the Securities and Exchange Commission (SEC), Gary Gensler, regarding the agency’s regulatory actions in the crypto sector. While speaks On April 7, as a guest on the popular crypto podcast, Unchained, the US Republican and House Majority Whip accused Gensler of regulating the crypto sector in bad faith.

Tom Emmer believes that the SEC chief shares the same opinionnti-crypto faith with billionaire Warren Buffet and has blindly slammed the cryptocurrency industry while neglecting the really bad industry players.

He said:

“This guy, in my mind, is a regulator in bad faith. He has blindly sprayed the crypto community with enforcement actions while completely missing the really bad actors,” he told Unchained host and crypto journalist Laura Shin.

Congressman Tom Emmer, who serves as the US Representative for Minnesota’s 6th District, is known for his pro-crypto stance and has sponsored many bills aimed at the growth of the space, including the Securities Clarity Act and more recently the Blockchain Regulatory Clarity Act (BRCA).

Related reading: Do Kwon ordered to stop liquidating millions in crypto by prosecutors

Enter Gensler’s open-door-at-your-own-risk attitude, says Tom Emmer

Gensler is known for asserting an open-door policy when it comes to dealing with crypto companies and operators. However, Congressman Emmer believes that this policy is no more than just words.

“Gary Gensler may have an open door, but is an enter-at-your-own-risk door,” he said on the podcast, while making an example of the recent debacle between the SEC and Coinbase, a crypto exchange Emmer describes as one of the most regulatory-compliant crypto companies.

Tom Emmer noted that Coinbase had tried to access “Gensler’s open door” by contacting the SEC regarding the Earn Product, which the exchange intended to list for its customers.

However, after several meetings over several months, the agency did not respond to this inquiry, instead slamming the crypto exchange with a Wells warning.

Overall, the US Majority Whip believes that Gensler’s approach to the crypto space does not bode well for the US crypto market and should not be associated with the US government.

He said, “This is clearly not the way the government should be serving Americans, and that it sends a clear message, I think, to the broader crypto community, and it’s straight up ‘Gary Gensler is not regulating in good faith!’

Congress will step up work on crypto legislation in the coming weeks

Meanwhile, the director of government relations at the Blockchain Association, Ron Hammond, has stated that the public should expect significant progress in crypto legislation in the coming weeks.

While comments on Tom Emmer’s appearance on the Unchained podcast, Hammond stated that members of the US Congress were currently working in their respective districts this week and next.

However, the last two weeks of April should prove busy as “legislation and regulatory oversight increases”. That said, the crypto market remains strong, with a total market cap of over $1 trillion.

Crypto Total Market Cap valued at $1.15 Trillion | Source: TOTAL Chart on Tradingview.com

Featured image: Financial Times, chart from Tradingview.