US Lawmaker Slams SEC’s ‘Reckless’ Rulemaking — Warns of ‘Lasting Economic Harm’

A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, for “pursuing a reckless, rushed rulemaking docket with inadequate economical investigation and constricted nationalist input.” He warned that “the adverse consequences successful 1 assemblage tin bleed implicit into another, causing lasting economical harm.”

Gary Gensler’s SEC Faces Backlash for Rushed Rulemaking

Congressman Frank Lucas (R-OK) has slammed the U.S. Securities and Exchange Commission (SEC) and its Chair Gary Gensler implicit the regulator’s reckless attack to rulemaking. The authoritative relationship for Financial Services GOP wrote connected the X level Monday:

Gary Gensler’s SEC is pursuing a reckless, rushed rulemaking docket with inadequate economical investigation and constricted nationalist input — threatening to upend our superior markets. Rep. Frank Lucas is holding the SEC accountable to guarantee our markets stay the envy of the world.

As the longest-serving Republican connected the House Financial Services Committee, Lucas serves connected the Digital Assets, Financial Technology, and Inclusion Subcommittee arsenic good arsenic the Capital Markets Subcommittee.

“The measurement and breadth of SEC rulemaking is of important interest to me,” the lawmaker stressed. “The accusation of galore of the projected rules are monolithic and often impact the aforesaid oregon interconnected fiscal products and marketplace sectors. The adverse consequences successful 1 assemblage tin bleed implicit into another, causing lasting economical harm.”

SEC Chair Gensler has been criticized for his enforcement-centric attack to regulating the crypto sector. Former SEC net enforcement main John Reed Stark precocious warned that “the SEC’s crypto-regulatory onslaught will ne'er end (ever).”

Several lawmakers are presently probing the SEC and the Financial Industry Regulatory Authority (FINRA) regarding the “shady approval” of crypto steadfast Prometheum. Moreover, the securities regulator is presently successful a ineligible conflict with Ripple Labs and its executives implicit XRP. Last week, the SEC filed a motion to certify an interlocutory entreaty of the Ripple ruling regarding XRP.

Do you hold with U.S. congressman Frank Lucas astir Gary Gensler’s SEC? Let america cognize successful the comments conception below.