SEC Under Fire: Congressman Emmer Accuses Regulator of Policy Obscurity
U.S. Congressman Tom Emmer strongly criticized the Securities and Exchange Commission (SEC), alleging that the regulatory body deliberately opts for a policy of providing less clarity to the cryptocurrency market.
During a hearing of the House Subcommittee on Digital Assets, Financial Technology, and Inclusion, Emmer expressed dissatisfaction with the SEC’s enforcement-centric approach, claiming it hinders transparency in the crypto industry. He specifically pointed to the lack of guidance from SEC Chair Gary Gensler’s leadership and questioned whether Gensler’s personal agenda affects the commission’s commitment to the law.
Emmer’s criticism extends beyond rhetoric; he has actively taken steps to address his concerns. In June, he supported the SEC Stabilization Act, aiming to remove Gensler from the position of SEC chair. Additionally, Emmer recently attached an amendment to the Financial Services and General Government Appropriations Act of 2024, limiting the SEC’s authority to enforce actions against the crypto industry. Despite the ongoing debate, Emmer remains a vocal advocate for bringing more crypto activity onshore to enhance U.S. national security, emphasizing the need for regulatory clarity and a more supportive environment for the industry.
Clever Robot News Desk 8th December 2023
