The Financial Express
Tom Emmer, senator, Minnesota, has criticised Gary Gensler, chairman, United States Securities and Exchange Commission (SEC) for his “cryptocurrency information-gathering efforts” and asked Gensler to appear before Congress to provide explanation for his “regulatory failures,” as reported by Cointelegraph.
According to Cointelegraph, Emmer’s comments were shown through a December 10, 2022, tweet for his 67,500 Twitter followers. It is believed that Emmer made reference to a bipartisan Blockchain Caucus letter he co-authored to Gensler on March 6, 2022.
“We now know Gensler’s crypto information-gathering efforts were ineffective. [Gensler] must testify before Congress and answer questions about the cost of his regulatory failures,” Emmer stated.
On the basis of information by Cointelegraph, Gensler hasn’t made an appearance in front of the House Committee on Financial Services since October 5, 2021. Reportedly, writers of the March Blockchain Caucus letter mentioned that SEC’s data around sourcing of information from cryptocurrency companies were not “targeted, intentional, or clear” but rather “haphazard and unfocused.” Emmer made the argument that Gensler’s response avoided questions around inquiry of methods and processes the SEC would adopt in providing oversight to the digital asset sector. Previously, Emmer directed criticism towards the financial watchdog’s cryptocurrency oversight strategy.
Moreover, Cointelegraph noted that Gensler and SEC’s efforts in the last couple of years were aimed towards determining if cryptocurrencies are under the category of the Howey test and thus are subject for US securities laws, with regard to the Ripple case with its XRP (XRP) token. It is believed that Emmer carries the view that to ensure that it doesn’t stifle innovation in the cryptocurrency industry.
(With insights from Cointelegraph)
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