Crypto-Friendly Congressman Calls Out SEC for Bad-Faith Regulation
On April 7, U.S. Congressman Tom Emmer spoke out against SEC chairman Gary Gensler's regulatory actions in the crypto industry during an episode of the Unchained crypto podcast.
Emmer accused Gensler of regulating in bad faith and blindly cracking down on the crypto community while neglecting to pursue real bad actors.
SEC Chair Gary Gensler is a “bad-faith regulator,” states @GOPMajorityWhip on @unchained_pod. 💣
💬 Do you agree?
Full episode: https://t.co/lIN0xZYzs4 pic.twitter.com/oQBc4ndVWH
— Laura Shin (@laurashin) April 7, 2023
Tom Emmer, known for his pro-crypto stance, believes that Gensler shares billionaire Warren Buffet’s anti-crypto beliefs and has unfairly targeted compliant companies like Coinbase.
He criticized Gensler’s so-called “open-door” policy for crypto businesses, calling it an “enter-at-your-own-risk” door.
The congressman cited Coinbase’s recent debacle with the SEC as an example of Gensler’s unfair treatment of the crypto industry. Coinbase had tried to engage with the SEC regarding its Earn product.
Still, after several meetings over many months, the agency slammed the company with a Wells Notice.
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His comments come as the U.S. government ramps up its crypto legislation efforts.
Ron Hammond, the Director of Government Relations at the Blockchain Association, has suggested that significant progress in crypto legislation can be expected in the coming weeks as legislation and oversight of regulators ramp up.
Despite regulatory uncertainty, the crypto market remains strong, with a market cap of over $1 trillion. However, Emmer believes that Gensler’s approach does not bode well for the U.S. crypto market and sends a negative message to the industry.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
