U.S Congressman Tom Emmer Slams SEC Chair Over Crypto Regulation

U.S. Congressman Tom Emmer has laid into the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, regarding the agency’s regulatory acts in the crypto sector. While speaking on April 7 as a guest on the popular crypto podcast, Unchained, the United States Republican and House Majority Whip accused Gensler of regulating the crypto sector in bad faith. 

Tom Emmer believes that the SEC boss shares the same anti-crypto belief with billionaire Warren Buffet and has been blindly cracking down on the cryptocurrency industry while neglecting the real bad industry players.

He said:

“This guy, in my mind, is a bad-faith regulator. He’s been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors,” he said to Unchained host and crypto journalist Laura Shin.

Congressman Tom Emmer, who serves as the U.S. representative for Minnesota’s 6th district, is well known for his crypto-friendly stance and has sponsored many bills aimed at the growth of the space, including the Securities Clarity Act and, recently, the Blockchain Regulatory Clarity Act (BRCA).

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Enter Gensler’s Open-Door-At-Your-Own Risk Stance, Says Tom Emmer

Gensler is known for claiming an open-door policy when it comes to dealing with crypto businesses and operators. However, Congressman Emmer believes this policy to be nothing more than mere words. 

“Gary Gensler might have an open door, but is an enter-at-your-own-risk door,” he said on the podcast ,while making an example of the recent debacle between the SEC and Coinbase, a crypto exchange Emmer describes as one of the most regulatory-compliant crypto companies.

Tom Emmer noted that Coinbase had tried to access “Gensler’s open door” by engaging with the SEC regarding the Earn Product, which the exchange intended to list for its customers.  

However, after several meetings over a number of months, the agency provided no feedback on this inquiry but instead slammed the crypto exchange with a Wells Notice. 

In all, the U.S. Majority Whip believes that Gensler’s approach to the crypto space doesn’t bode well for the U.S. crypto market and should not be associated with the U.S. government. 

He said, “This is clearly not the way the government should be serving Americans, and that it sends a clear message, I believe, to the broader crypto community, and that directly is “Gary Gensler is not regulating in good faith!”

Congress To Ramp Up Crypto Legislation Efforts In Coming Weeks

Meanwhile, the Director of Government Relations at the Blockchain Association, Ron Hammond, has stated that the general public should expect significant progress in the crypto legislation over the next few weeks.

While commenting on Tom Emmer’s appearance on the Unchained podcast, Hammond stated that the members of the U.S congress were currently working in their respective districts this week and the next. 

However, the last two weeks of April should prove to be busy as “legislation and oversight of regulators ramp up”. That said, the crypto market remains strong, with a total market cap valued at over $1 trillion. 

Crypto Total Market Cap valued at $1.15 Trillion | Source: TOTAL Chart on Tradingview.com

Featured Image: Financial Times, chart from Tradingview.