Tom Emmer SEC Chair’s Crypto Regulation – US Congressman Tom Emmer slammed the Securities and Exchange Commission’s (SEC) chairman, Gary Gensler, for the agency’s regulatory actions in the cryptocurrency sector. On April 7, as a guest on the famous crypto podcast Unchained, the United States Republican and House Majority Whip accused Gensler of acting in bad faith in regulating the crypto business.
Tom Emmer believes that the SEC chairman shares the same anti-crypto beliefs as billionaire Warren Buffet and has been arbitrarily cracking down on the cryptocurrency business while ignoring the really bad actors.
In his statement he said:
“This guy, in my mind, is a bad-faith regulator. He’s been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors,”
he told Unchained presenter and cryptocurrency writer Laura Shin.
Congressman Tom Emmer, who represents Minnesota’s 6th congressional district, is well recognized for his crypto-friendly position and has sponsored numerous laws geared at the expansion of the field, including the Securities Clarity Act and, more recently, the Blockchain Regulation Clarity Act (BRCA).
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Tom Emmer describes Gensler’s “open-door-at-your-own-risk” stance
When it comes to interacting with crypto firms and operators, Gensler is known for professing an open-door approach. Yet, Congressman Emmer believes that this strategy is little more than empty rhetoric.
“Gary Gensler may have an open door, but it’s an enter-at-your-own-risk door,” Emmer stated on the show, citing the recent SEC incident with Coinbase, a crypto exchange Emmer sees as one of the most regulatory-compliant crypto companies.
Coinbase attempted to enter “Gensler’s open door” by interacting with the SEC about the Earn Product, which the exchange sought to list for its customers, according to Tom Emmer.
Nevertheless, after several months of meetings, the government provided no response to this inquiry, instead slamming the cryptocurrency exchange with a Wells Notice.
Overall, the US Majority Whip feels Gensler’s approach to the crypto industry is detrimental to the US crypto market and should not be linked with the US government.
“This is plainly not the way the government should be serving Americans,” he said, adding, “and I believe it sends a clear message to the larger crypto community, and that directly is “Gary Gensler is not regulating in good faith!”
“This is clearly not the way the government should be serving Americans, and that it sends a clear message, I believe, to the broader crypto community, and that directly is “Gary Gensler is not regulating in good faith!”
It is not surprising that efforts to legislate on cryptocurrencies would continue, given the rapidly evolving nature of this technology and the potential risks and benefits associated with its use. It will be interesting to see how these legislative efforts unfold and how they are received by various stakeholders, including the cryptocurrency industry, regulators, and consumers.