US Lawmaker Calls on SEC Chair Gensler to Testify About His Crypto Regulatory Failures

U.S. Congressman Tom Emmer has called connected the president of the Securities and Exchange Commission (SEC), Gary Gensler, to attest earlier Congress and “answer questions astir the outgo of his regulatory failures.” The lawmaker stressed: “Gensler has repeatedly dodged Congress astatine the disbursal of investors … leaving america to larn astir the SEC’s crypto investigations, similar the 1 into FTX, done the media.”

Lawmaker Wants SEC Chair Gensler to Testify Regarding Crypto Regulation

U.S. Congressman Tom Emmer (R-MN) wants the president of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to attest earlier Congress astir his failures, peculiarly successful regulating the crypto industry. The congressman from Minnesota tweeted Friday:

Gensler has repeatedly dodged Congress astatine the disbursal of investors … leaving america to larn astir the SEC’s crypto investigations, similar the 1 into FTX, done the media.

He noted that the SEC main “hasn’t publically appeared earlier the House Financial Services since October 5, 2021.”

Emmer, who chairs the Congressional Blockchain Caucus, described successful a antithetic tweet that his squad “received info from respective sources … that Gary Gensler’s efforts to stitchery info connected crypto companies were not targeted, intentional, oregon clear; rather, the SEC’s requests were haphazard and unfocused.”

The lawmaker emphasized:

We present cognize Gensler’s crypto information-gathering efforts were ineffective.

Rep. Emmer explained that helium antecedently sent Gensler a missive requesting accusation astir however the securities watchdog plans to modulate the crypto sector. However, helium said the SEC main “declined to supply Congress with the accusation requested successful the letter, which would’ve informed Congress of the evident inconsistencies successful Gensler’s attack that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.”

Emmer concluded:

Gary Gensler indispensable attest earlier Congress and reply questions astir the outgo of his regulatory failures.

The lawmaker has repeatedly criticized Gensler and his enforcement-centric attack to crypto regulation. In June helium said: “Under Chair Gensler, the SEC has go a power-hungry regulator, politicizing enforcement, baiting companies to ‘come successful and talk’ to the Commission, past hitting them with enforcement actions, discouraging good-faith cooperation.” Last month, helium said: “Chair Gensler’s authorities astatine the SEC has been characterized by regulatory hypocrisy and inconsistency. Unacceptable that Gary Gensler doesn’t clasp himself to the aforesaid transparency standards that helium places connected the backstage sector.”

The securities regulator announced Tuesday that it has charged FTX and erstwhile CEO Sam Bankman-Fried (SBF) with “orchestrating a strategy to defraud equity investors.”

Do you deliberation SEC Chair Gensler has failed successful regulating the crypto sector? Let america cognize successful the comments conception below.

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