US senator Tom Emmer is concerned about the SEC chairman’s crypto business attitude. Congressman Tom Emmer blasted Gary Gensler, chairman of the Securities and Exchange Commission, for his approach to regulating the cryptocurrency business.
According to Emmer, legislators have become more worried about Gensler’s industry strategy. He said that “Congress should not have to hear about the SEC’s oversight agenda through tales planted in progressive journals.”
Emmer said in March that the SEC’s approach to regulating the cryptocurrency market was “burdensome” and inhibited innovation.
This is Emmer’s second critique of Gary Gensler in the last several days. He portrayed it instead as a failure of corporate ethics, Sam Bankman-Fried, SEC supervision, and FTX.
He proceeded by stating that the agency was prosecuting and investigating the industry’s good performers.
He added, Emmer has been critical of how SBF has been portrayed in the media. This was in reaction to the New York Times article after the collapse of FTX.
The lawmaker said that it is peculiar that the media outlet would publish such a statement about “a man who misused finances.”
As a result of FTX’s recent collapse, SEC chairman Gary Gensler is under severe pressure. His attitude and connection with SBF have been called into doubt.
Several publications also indicated that crypto sector participants have questioned the Commission’s regulation-by-enforcement strategy.