US Lawmaker Calls on SEC Chair Gensler to Testify About His Crypto Regulatory Failures

U.S. Congressman Tom Emmer has known as on the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, to testify earlier than Congress and “answer questions about the cost of his regulatory failures.” The lawmaker careworn: “Gensler has repeatedly dodged Congress at the expense of investors … leaving us to learn about the SEC’s crypto investigations, like the one into FTX, through the media.”

Lawmaker Wants SEC Chair Gensler to Testify Regarding Crypto Regulation

U.S. Congressman Tom Emmer (R-MN) desires the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to testify earlier than Congress about his failures, significantly in regulating the crypto trade. The congressman from Minnesota tweeted Friday:

Gensler has repeatedly dodged Congress on the expense of buyers … leaving us to be taught in regards to the SEC’s crypto investigations, just like the one into FTX, by the media.

He famous that the SEC chief “hasn’t publicly appeared before the House Financial Services since October 5, 2021.”

Emmer, who chairs the Congressional Blockchain Caucus, described in a distinct tweet that his workforce “received info from several sources … that Gary Gensler’s efforts to gather info on crypto companies were not targeted, intentional, or clear; rather, the SEC’s requests were haphazard and unfocused.”

The lawmaker emphasised:

We now know Gensler’s crypto information-gathering efforts have been ineffective.

Rep. Emmer defined that he beforehand despatched Gensler a letter requesting details about how the securities watchdog plans to manage the crypto sector. However, he mentioned the SEC chief “declined to provide Congress with the information requested in the letter, which would’ve informed Congress of the apparent inconsistencies in Gensler’s approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.”

Emmer concluded:

Gary Gensler should testify earlier than Congress and reply questions on the price of his regulatory failures.

The lawmaker has repeatedly criticized Gensler and his enforcement-centric method to crypto regulation. In June he said: “Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to ‘come in and talk’ to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation.” Last month, he said: “Chair Gensler’s regime at the SEC has been characterized by regulatory hypocrisy and inconsistency. Unacceptable that Gary Gensler doesn’t hold himself to the same transparency standards that he places on the private sector.”

The securities regulator announced Tuesday that it has charged FTX and former CEO Sam Bankman-Fried (SBF) with “orchestrating a scheme to defraud equity investors.”

Do you assume SEC Chair Gensler has failed in regulating the crypto sector? Let us know within the feedback part under.