- Crypto-friendly Congressman Tom Emmer condemns SEC’s Gary Gensler for calling crypto regulation a bad faith regulator.
- Emmer called Gary Gensler’s ‘open door policy” an enter-at-your-own-risk-door.
- In March, SEC slapped Coinbase with a Wells Notice based on the concerns for which it was asking for their feedback.
Tom Emmer, crypto-friendly Congressman, has criticized U.S. Securities and Exchange Commission chair Gary Gensler for his perspective towards crypto regulation and calling it a “bad faith regulator.”
? Do you agree?
— Laura Shin (@laurashin) April 7, 2023
In an April 7 appearance on the Unchained podcast, Emmer directly questioned Gensler’s supervision on cryptocurrency. In a statement, he said:
“This guy in my mind, is a bad-faith regulator. He’s been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.”
Emmer took the example of Coinbase, which was slapped in March with a Wells Notice by the SEC. Before that, Coinbase was trying to work with the agency upon receiving compliance feedback on staking products as well as other things.
He added that Gary Gensler may have an open door policy though it is an “enter-at-your-risk-door” because even after many meetings during several months, SEC dismissed providing feedback.
After taking the entire authority of the SEC in April 2021, Gensler has again and again recommended that the agency has a friendly open door policy and asked crypto companies to register with the SEC and maintain compliance with securities law.
It is majorly behind his view that almost all crypto assets other than Bitcoin are categorized as securities and therefore, the SEC should regulate the sector.
Brian Armstrong, Coinbase CEO, mentioned the complication of dealing with the SEC several times; whereas, others like Jesse Powell, Kraken CEO, shared similar sentiments.
Many in the crypto community have raised an issue regarding the anti-crypto-based ‘regulation by enforcement’ perspective coming from both the SEC as well as the U.S. government.
Emmer commented that this isn’t the way Americans should be served by the government and according to him, it sends a message to the broader crypto community that Gary Gensler isn’t regulating in good faith.
Get your story straight, Chairman Gruenberg… You’re on the Congressional Record. Did the FDIC sell Signet or not? pic.twitter.com/WeFfSLq4pk
— Tom Emmer (@GOPMajorityWhip) March 29, 2023