Senator asks Gensler about ‘regulatory failings’

Sen. Tom Emmer has been a vocal opponent of Gary Gensler and the U.S. Securities and Exchange Commission’s approach to cryptocurrency regulation.

Minnesota Senator Tom Emmer has called on U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to go before Congress and explain the consequences of his “regulatory failings” in regard to cryptocurrency.

The senator continued, saying, “[Gensler] must go before Congress and answer questions about the consequences of his regulatory failings.”

In light of what Emmer called the SEC’s investigation failings, he noted that Gensler hadn’t spoken before the House Committee on Financial Services since October 5, 2021.

In its letter, the Blockchain Caucus said that the SEC’s approach to gathering information from cryptocurrency firms was “haphazard and unfocused” rather than “targeted, purposeful, or clear.”

Gensler responded to Emmer’s letter two months later, and Emmer said in his letter that Gensler avoided answering key concerns about the procedures and policies the SEC will implement to monitor the digital asset business.

A prior statement from Emmer was critical of the banking regulator’s approach to crypto supervision.

The contents of the SEC’s monitoring program shouldn’t have to be “planted articles in progressive journals,” he said on November 26.

On the 23rd of November, a few days before FTX’s tragic collapse, Emmer tweeted that Gensler’s lack of leadership was a factor.

Gensler and the SEC have spent a lot of time and energy over the last several years investigating whether or not cryptocurrencies like Ripple’s XRP token count as securities under U.S. law.

Emmer has been an advocate for cryptocurrencies since at least 2020 when he said that the United States government should remove obstacles to prevent slowing progress in the field.

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