U.S. Congressman Tom Emer Commissioner (SEC) Gary Gensler will testify before Congress, “answering questions about the cost of his regulatory failures.” The MP emphasized that: “Gensler has repeatedly evaded Congress at the expense of investors… leaving us to learn about SEC crypto investigations like FTX through the media.”
U.S. Congressman Tom Emmer (R-Minnesota) is calling for SEC Chairman Gary Gensler to testify on cryptocurrency regulations, Especially to testify before Congress about his failures in regulating the crypto industry. A Minnesota congressman tweeted on Friday:
Gensler has repeatedly evaded Congress at the expense of investors … through the media, including on FTX, the SEC’s cryptocurrency I need to know about research.
He said the SEC Commissioner “has not appeared publicly before the House Financial Services since October 5, 2021.”
Emmer, who heads Congress’ blockchain caucuses, said in a separate tweet that his team “received information from several sources… to gather information about cryptocurrency companies.” Gary Gensler’s efforts were not targeted, intentional, or clear—rather, the SEC’s requests were haphazard and unfocused.”
Congressman emphasized:
We now know that Gensler’s efforts to gather cryptographic intelligence have been ineffective.
Rep. Emmer explained that he has sent a letter to Gensler seeking information on how the securities watchdog plans to regulate the cryptocurrency sector. However, he said the SEC Commissioner “refused to provide Congress with the information requested in the letter. This informed Congress of the apparent inconsistency of Gensler’s approach, and that he could not be identified as Terra/Luna, Celsius, Voyager, and caused me to miss his FTX.”
Emmer’s conclusion:
Gary Gensler must testify before Congress and answer questions about the cost of his regulatory failures.
MPs have repeatedly criticized Gensler and his enforcement-centric approach to crypto regulation. In June he said: Last month he said: It is unacceptable that Gary Gensler does not live up to the same standards of transparency that he imposes on the private sector.
Securities regulators announced Tuesday that FTX and its former CEO Sam Bankman-Fried (SBF) were indicted for “organizing a scheme to defraud equity investors.”
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