Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
US lawmaker criticizes SEC for not regulating in good faith – “Under Chairman Gensler, SEC has become power-hungry” – Regulation Bitcoin News
A US congressman has criticized the Securities and Exchange Commission (SEC) and Chairman Gary Gensler for cracking down on companies outside the SEC’s jurisdiction. The SEC “does not regulate in good faith,” he said, adding that “Under Chairman Gensler, the SEC has become a heavy-handed regulator.”
Rep. Emmer hits out at the SEC and chairman Gensler
The Director of the Division of Enforcement at the US Securities and Exchange Commission (SEC), Gurbir Grewal, testified on Tuesday before the US House of Representatives Committee Financial Services’ Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.
During the hearing, US Congressman Tom Emmer (R-MN) stated that Grewal has repeatedly placed the blame for “the erosion of trust almost entirely on the shoulders of industry participants and companies.”
The congressman added: “The SEC is by no means blameless here. Chairman Gensler’s political regime at the SEC, carried out by its Division of Enforcement, has been characterized by a focus on using enforcement to expand SEC jurisdiction at the expense of public resources, public investment in our country, and public confidence in our markets.” He continued:
It seems clear to everyone, except perhaps those at the commission, that the SEC is not regulating in good faith.
“While many sectors of the industry have struggled with the SEC’s politicization of regulation over the past 14 months, it can be seen most clearly in the digital asset industry,” he stressed.
Emmer tweeted on Tuesday after the hearing:
SEC Director of Enforcement Admits SEC Cracks Down on Companies Outside Its Jurisdiction. Totally unacceptable.
The Minnesota congressman emphasized in another tweet:
Under Chairman Gensler, the SEC has become a power-hungry regulator that politicizes enforcement, entices companies to “come in and talk” with the commission, then hits them with enforcement actions, and discourages good faith cooperation.
In an interview with Bloomberg on Tuesday, Chairman Gensler explained that “there is a lot of divergence” in the crypto space.
The SEC chief noted that “right now there are far too many” of these trading and lending platforms that have to come in and comply with the laws and be registered. Last week, Gensler explained what investors can expect from the SEC on the crypto regulatory front.
What do you think of US Congressman Tom Emmer’s comments regarding the SEC and Chairman Gensler’s approach to regulating the crypto sector? Let us know in the comments section below.
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