Congressman Tom Emmer calls SEC Chair Gary Gensler the “most destructive” in the regulator's history, criticizing his handling of crypto regulations during a House hearing.
SEC Chair Gary Gensler faced intense criticism during a congressional hearing, with U.S. Congressman Tom Emmer labeling him the most “destructive” and “lawless” SEC Chair in the agency’s 90-year history. Emmer’s remarks were centered on Gensler’s aggressive enforcement of crypto regulations, which Emmer claims has set back the U.S. crypto industry. Gensler's handling of cases like Debt Box and the controversial “crypto asset security” term also drew scrutiny.
Key Points:
Tom Emmer’s Sharp Criticism: During a House Financial Services Committee hearing, Congressman Tom Emmer accused Gary Gensler of fabricating the term “crypto asset security” to justify his crackdown on the crypto industry. Emmer said Gensler's actions have caused significant damage to the U.S. crypto ecosystem.
Debt Box Case Controversy: Emmer grilled Gensler on the SEC's mismanagement of the Debt Box case, where the agency’s lawsuit was dismissed, resulting in a $1.8 million fee. Emmer accused SEC lawyers of crafting lies to support Gensler’s anti-crypto stance.
Internal Criticism from Hester Peirce: SEC Commissioner Hester Peirce also criticized Gensler’s approach, particularly the retraction of the “crypto asset security” term. She expressed that this should have been acknowledged long ago and stated that the SEC has failed to provide clear guidelines.
SAB 121 Rule Defense: Gensler defended the controversial Staff Accounting Bulletin No. 121 (SAB 121) rule, which requires companies holding crypto assets to list them as liabilities. Despite bipartisan opposition and criticism from lawmakers, Gensler insisted the rule promotes transparency.
Calls for Legislative Clarity: Both Emmer and Peirce emphasized the need for clearer statutory definitions regarding crypto tokens and how they fit into securities laws. Peirce added that while Congress’ input would be helpful, the SEC should provide better guidance.
Gary Gensler’s leadership of the SEC continues to fuel controversy, with critics like Congressman Emmer and Commissioner Hester Peirce questioning his aggressive approach toward crypto regulation. The hearing spotlighted the urgent need for clear regulatory guidelines, as well as the growing political tension over the SEC’s role in shaping the future of the crypto industry.
Source: News.Bitcoin.Com
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