SEC Must Answer For Crypto Collapse-US Senate
2022.12.12 01:24
SEC Must Answer For Crypto Collapse-US Senate
Budrigannews.com – Senator Tom Emmer of Minnesota has criticized Chairman Gary Gensler of the United States Securities Exchange Commission (SEC) for his flawed “crypto information-gathering efforts” and demanded that Gensler appear before Congress to explain the cost of his “regulatory failures.”
Emmer made the remarks in a tweet he sent out on December 10 to his 67,500 followers on Twitter. In it, he mentioned a letter the Blockchain Caucus, which Emmer co-authored, sent to the Chairman of the SEC on March 16.
Emmer stated, “We now know Gensler’s crypto information-gathering efforts were ineffective,” citing the demise of Celsius, Voyager, and FTX and the Terra ecosystem.
He declined to provide Congress with the information requested in the letter, which would’ve informed Congress of the apparent inconsistencies in Gensler’s approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.
— Tom Emmer (@RepTomEmmer) December 9, 2022
“[Gensler] should affirm before Congress and answer inquiries regarding the expense of his administrative disappointments,” the Representative added.
He mentioned that Gensler hasn’t appeared in front of the House Committee on Financial Services since October 5. Emmer claims that this left crypto media to fill the void left by the SEC’s investigative failures in 2021.
The March Blockchain Caucus letter stated that the SEC’s efforts to obtain information from crypto companies were “haphazard and unfocused” rather than “targeted, intentional, or clear.”
Emmer argued that Gensler’s response, which came two months later, didn’t answer several questions about how the SEC would handle oversight of the digital asset industry.
Emmer stated that Gensler “decided instead to explain to Congress the roles of the SEC’s Enforcement and Examination Divisions.”
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Emmer has previously voiced concerns regarding the crypto oversight strategy of the financial watchdog.
On November 26, he stated, “Congress shouldn’t be forced to learn the details about the SEC’s oversight agenda through planted stories in progressive publications.”
Emmer had tweeted on November 23 that Gary Gensler’s lack of leadership was a factor in the catastrophic collapse of FTX that occurred at the beginning of November.
FTX’s collapse is not a crypto failure. It’s a failure with CeFi, @GaryGensler, and Sam Bankman-Fried. Decentralization is the point. Watch below for more thoughts pic.twitter.com/VYacafc0ZD
— Tom Emmer (@RepTomEmmer) November 22, 2022
Emmer has been a proponent of cryptocurrencies as a financial asset as far back as 2020 and holds the view that the U.S. government should clear the way to ensure that it doesn’t stifle innovation in the crypto industry. This has been the focus of much of Gensler and the SEC’s efforts over the past few years, particularly the ongoing Ripple case with its XRP (XRP) token.
