Tom Emmer has criticized Gary Gensler, chairperson of the Securities and Exchange Commission (SEC), for the agency’s regulatory actions in the cryptocurrency industry.
On April 7, as a guest on the popular crypto podcast Unchained, the Republican and House Majority Whip of the United States accused Gensler of regulating the cryptocurrency industry in poor faith.
Tom Emmer believes that the SEC chairman shares the same anti-crypto stance as billionaire Warren Buffet and has been indiscriminately clamping down on the cryptocurrency industry while ignoring the industry’s truly poor actors.
He said: This individual, in my opinion, is a regulator of poor faith. Laura Shin, the presenter of Unchained and a crypto journalist, quoted him as saying, “He has been indiscriminately spraying the crypto community with enforcement actions while missing the truly bad actors.”
The U.S. representative for Minnesota’s 6th congressional district, Tom Emmer, is well-known for his crypto-friendly posture and has sponsored multiple legislation aimed at fostering the development of the industry, including the Securities Clarity Act and, most recently, the Blockchain Regulatory Clarity Act.
Gensler is well-known for maintaining an open-door policy towards crypto enterprises and proprietors. However, Representative Emmer considers this policy to be nothing more than empty talk.
“Gary Gensler may have an open door, but it’s a door you enter at your own risk,” he said on the podcast, citing the recent scandal between the SEC and Coinbase, a crypto exchange that Emmer characterizes as one of the most regulatory-compliant crypto companies.
Tom Emmer remarked that Coinbase attempted to gain access to “Gensler’s open door” by communicating with the SEC about the Earn Product, which the exchange intended to list for its customers.
However, after several months of meetings, the agency provided no response to this inquiry and instead issued a Wells Notice to the cryptocurrency exchange.
In the meantime, the Blockchain Association’s Director of Government Relations, Ron Hammond, has stated that the public can anticipate significant legislative progress in the coming weeks.
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