- U.S. Congressman Tom Emmer has criticized the SEC’s approach to crypto regulation.
- The lawmaker believes that SEC Chairman Gary Gensler is a bad faith regulator.
- Congressman Emmer also highlighted the SEC’s conduct and treatment of Coinbase’s Earn product.
United States Congressman Tom Emmer has taken issue with the conduct of the Securities and Exchange Commission (SEC) and its Chairman Gary Gensler, particularly their approach towards the regulation of the crypto industry. In light of recent events, the lawmaker criticized the treatment of crypto firms at the hands of American regulators.
During an episode of Unchained Podcast with Laura Shin, Congressman Emmer described SEC Chair Gary Gensler as a “Warren Disciple”, a subtle hint at his pro-fiat and anti-crypto stance. The lawmaker added that under Gensler’s leadership, the Commission was more focused on enforcing regulation outside their jurisdiction rather than cracking down on bad actors in the industry.
“This guy in my mind is a bad faith regulator. He has been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors,” Emmer stated. The Commission has faced criticism from industry leaders as well as fellow regulators over its recent crackdown on the crypto industry.
The Congressman has alleged that the open door policy advertised by the SEC’s Gary Gensler was actually a “enter at your own risk door.” In other words, companies operating in the crypto space are encouraged to register with the SEC on the pretext of regulatory compliance but are provided no guidance or feedback. In some cases, these companies also face enforcement actions from the regulator.
Congressman Tom Emmer highlighted the case of American crypto exchange Coinbase (NASDAQ:COIN), which became the subject of the SEC’s regulatory scrutiny last month. After holding several meetings with Coinbase to discuss its Earn product, the regulator refused to provide feedback and instead issued a Wells notice to the exchange, warning of potential enforcement actions.
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