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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
