US Congressman Tom Emmer has spoken with Securities and Exchange Commission (SEC) Chairman Gary Gensler regarding the agency’s regulatory actions in the cryptocurrency sector. While speech On April 7, as a guest on the popular cryptocurrency podcast, Unchained, the US Republican and House Majority Whip accused Gensler of regulating the cryptocurrency sector in bad faith.
Tom Emmer believes the SEC chief shares the samenti-crypto belief with billionaire Warren Buffet and has been blindly cracking down on the cryptocurrency industry while neglecting the real bad players in the industry.
He said:
“This guy, in my opinion, is a regulator in bad faith. He has been blindly spraying the crypto community with enforcement actions while completely missing the really bad actors,” she told Unchained host and crypto journalist Laura Shin.
Congressman Tom Emmer, who serves as the US representative for Minnesota’s 6th District, is well known for his crypto-friendly stance and has sponsored many bills aimed at growing the space, including the Clarity Act. of Securities and, recently, the Regulatory Clarity of Blockchain. Act (BRCA).
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Enter the open door stance at your own risk from Gensler, says Tom Emmer
Gensler is known for calling for an open door policy when it comes to cryptocurrency businesses and operators. However, Congressman Emmer believes that this policy is just talk.
“Gary Gensler might have an open door, but it’s a door at your own risk,” he said on the podcast, while doing aAn example of the recent debacle between the SEC and Coinbase, a crypto exchange that Emmer describes as one of the most compliant crypto companies.
Tom Emmer noted that Coinbase had tried to tap into the “Gensler open door” by engaging with the SEC regarding the Earn Product, which the exchange intended to list for its clients.
However, after several meetings over several months, the agency provided no comment on this inquiry, instead closed the crypto exchange with a notice from Wells.
Overall, the majority of the US Whip believes that Gensler’s approach to the crypto space does not bode well for the US crypto market and should not be associated with the US government.
He said: “Clearly this is not the way the government should serve the American people, and I think it sends a clear message to the broader crypto community, and that is directly “Gary Gensler is not regulating in good faith!
Congress to Intensify Crypto Legislation Efforts in the Coming Weeks
Meanwhile, Blockchain Association Director of Government Relations Ron Hammond has stated that the general public should expect significant progress on cryptocurrency legislation in the coming weeks.
While commenting Regarding Tom Emmer’s appearance on the Unchained podcast, Hammond stated that members of the US Congress were currently working in their respective districts this week and next.
However, the last two weeks of April should be busy as “regulatory oversight and legislation intensifies.” That being said, the crypto market remains strong, with a total market capitalization valued at over $1 trillion.
Crypto Total Market Cap valued at $1.15 Trillion | Source: TOTAL Chart on Tradingview.com
Featured image: Financial Times, Tradingview chart.
