Top Republican takes aim at SEC boss on crypto regulation

[ad_1]

Alex Dovbnya

House Majority Whip Tom Emmer slammed SEC Chairman Gary Gensler on the Unchained podcast with Laura Shin, accusing him of hindering the growth of the US cryptocurrency industry by through “bad faith” regulation

Read U.TODAY on

Google News

House Majority Whip Tom Emmer slammed SEC Chairman Gary Gensler during a recent appearance on the Unchained podcast with Laura Shin, accusing him of being a “bad faith regulator” who hampers the growth of the industry. cryptocurrency in the United States.

Emmer argued that Gensler had “blindly sprayed the crypto community with enforcement” while ignoring the real bad actors in the space.

The congressman vowed to “continue to sound the siren of hypocrisy” and to work with nonpartisan colleagues like Reps. Ro Khanna, Darren Soto and Ritchie Torres to support the growth of the digital asset community and cryptocurrencies.

Emmer contrasted the SEC’s approach with that of the CFTC, which recently sued Binance for allegedly offering unregistered crypto derivatives to US clients.

The Republican congressman viewed the enforcement action as an appropriate use of the agency’s authority, unlike Gensler’s dealings with companies like Coinbase.

The top Republican recounted that, despite several meetings over several months, the SEC refused to provide comment on a product Coinbase was considering listing, only to issue a Wells notice on the same issues the company had sought guidance on.

Emmer concluded by saying that cryptocurrency will thrive with or without the United States, but lamented the polarization of the technology by the current administration and “unelected bureaucrats.”

He suggested that the regulatory measures being pursued only serve to limit U.S. economic development and opportunities for Americans, which could negatively impact the nation’s position in the global economy.

[ad_2]