US Congressman Tom Emmer Criticizes SEC Chairman's Regulatory Approach to Crypto Industry
US Congressman Tom Emmer has criticised SEC Chairman Gary Gensler's regulatory approach to the cryptocurrency industry, accusing him of regulating in bad faith and neglecting real bad actors, while Ron Hammond of the Blockchain Association expects significant progress in crypto legislation over the next few weeks.
US Congressman Tom Emmer, known for his crypto-friendly stance, has criticised the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, for his regulatory approach to the cryptocurrency industry. Speaking on a recent episode of the Unchained podcast, Emmer accused Gensler of regulating the crypto sector in bad faith and of blindly cracking down on the industry while neglecting the real bad actors.
Emmer believes that Gensler shares the same anti-crypto beliefs as billionaire Warren Buffet and that his approach to the industry does not bode well for the US crypto market. He accused Gensler of merely paying lip service to his open-door policy towards crypto businesses and operators, calling it an "enter-at-your-own-risk door". Emmer cited the recent debacle between the SEC and Coinbase, a regulatory-compliant crypto exchange, as an example of Gensler's approach.
According to Emmer, Coinbase attempted to engage 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.
Emmer sponsored the Securities Clarity Act and the recently introduced Blockchain Regulatory Clarity Act (BRCA), both aimed at promoting the growth of the cryptoindustry. He stated that Gensler's approach sends a clear message to the broader crypto community that he is not regulating in good faith, and that this is not the way the government should be serving Americans.
Meanwhile, the Director of Government Relations at the Blockchain Association, Ron Hammond, has stated that the US Congress will ramp up its crypto legislation efforts in the coming weeks. Hammond expects significant progress in crypto legislation over the next few weeks, as Congress members are currently working in their respective districts but will turn their attention to legislation and oversight of regulators in the last two weeks of April.
