Tags in this story
Congressman, Congressman Tom Emmer, ftx, Gary Gensler, Gary Gensler FTX, Gary Gensler SBF, Gary Gensler Testifies Congress, Representative Tom Emmer, Sec. manager gary gensler, tom emmer, Tom Emmer FTX, Tom Emmer Gary Gensler
US Lawmaker Urges SEC Chairman Gensler to Testify About His Crypto Regulatory Failures – Regulation Bitcoin News
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 emphasized: “Gensler has repeatedly evaded Congress at the expense of investors … and allows us to learn about the SEC’s crypto investigations, like the one in FTX, through the media.”
Lawmakers want SEC Chairman Gensler to testify regarding crypto regulation
US Congressman Tom Emmer (R-MN) wants the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, to testify before Congress about his failures, especially in the regulation of the crypto industry. The Minnesota congressman tweeted Friday:
Gensler has repeatedly sidestepped Congress at the expense of investors … and lets us learn about the SEC’s crypto investigations, like the one in FTX, through the media.
He noted that the SEC chief “has not appeared publicly before House Financial Services since October 5, 2021.”
Emmer, who chairs the Congressional Blockchain Caucus, described in another tweet that his team “received information from multiple sources … that Gary Gensler’s efforts to gather information about crypto companies were not targeted, intentional, or clear; rather, the SEC’s requests were random and unfocused .”
The legislator emphasized:
We now know that Gensler’s crypto-information gathering efforts were ineffective.
Rep. Emmer explained that he previously sent Gensler a letter requesting information on how the securities watchdog plans to regulate the crypto sector. 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 miss Terra/Luna, Celsius, Voyager and FTX.”
Emmer concluded:
Gary Gensler must testify before Congress and answer questions about the cost of his regulatory mistakes.
The lawmaker has repeatedly criticized Gensler and his enforcement-centric approach to crypto regulation. In June, he said: “Under Chairman Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, luring companies to ‘come in and talk’ with the commission, then hitting them with enforcement actions, discouraging good-faith cooperation.” 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 adhere to the same transparency standards that he sets for the private sector.”
The securities regulator announced Tuesday that it has charged FTX and former CEO Sam Bankman-Fried (SBF) with “orchestrating a scheme to defraud equity investors.”
Do you think SEC Chairman Gensler has failed to regulate the crypto sector? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
