Tom Emmer Criticizes Gary Gensler As A Bad Faith Regulator On Crypto
- In the Unchained podcast, Rep. Tom Emmer addressed questions from writer Laura Shin on the performance of the authorities, namely Gary Gensler.
- According to the congressman, the chairman of the SEC had a big role in establishing an environment of regulatory uncertainty.
- Emmer believes that the head of financial regulation blindly rains restrictive measures on the crypto sector, often neglecting the true culprits.
During an appearance visit on the Unchained Podcast with Laura Shin, House Majority Whip Tom Emmer accused SEC Chairman Gary Gensler of being a bad faith regulator who is impeding the expansion of the cryptocurrency business in the United States.
During an interview on the show on April 7, Emmer didn’t mince words when he criticized Gensler’s regulation of the crypto business.
Emmer claims that Gensler has been blindly showering the crypto community with enforcement measures while ignoring the space’s true problematic actors.
The Congressman assets commit to continuing to raise the siren of hypocrisy and collaborate with nonpartisan representatives like Congressmen Ro Khanna, Darren Soto, and Ritchie Torres to assist the expansion of the digital and cryptocurrency community.
Emmer contrasted the SEC’s approach to that of the CFTC, which recently sued Binance for allegedly selling unregistered crypto derivatives products to US consumers.
Binance, its CEO Changpeng Zhao, and its former top compliance official were charged by the CFTC with willful evasion of US law while engaging in a deliberate strategy of regulatory arbitrage to their financial profit.
Unlike Gensler’s encounters with firms like Coinbase, the Republican Congressman believes this enforcement action is a legitimate use of the agency’s jurisdiction.
He recalled how, after repeated meetings over many months, the SEC failed to offer comments on a product Coinbase was contemplating listing, only to subsequently issue a Wells notice on the exact concerns the business requested assistance on. He stated:
“Gary Gensler might have an open door, but it is an enter-at-your-own-risk door, because what he does is, despite several meetings over several months, Gary Gensler’s SEC refused to provide feedback. And instead, after all these meetings and nothing happening, the SEC slapped Coinbase with a Wells Notice regarding the very issues on which Coinbase was asking for their feedback.”
Despite this, Coinbase CEO Brian Armstrong has repeatedly emphasized the difficulties of working with the SEC, and other players, like Kraken CEO Jesse Powell, have expressed similar thoughts.
Emmer closed by declaring that crypto would survive with or without the United States, but he regretted the current administration’s polarization of the technology and unelected bureaucrats.
Emmer is a crypto-friendly Congressman who has previously spoken out many times about the SEC and US regulators tightening regulations on cryptocurrencies.
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