Tom Emmer, a politician known for his support of cryptocurrencies, criticized Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), for his stance on regulating crypto. Emmer referred to Gensler as a “bad faith regulator” in his criticism.
In an interview on Laura Shin’s Unchained podcast on April 7th, Tom Emmer expressed his dissatisfaction with Gary Gensler’s management of cryptocurrency regulations. Emmer accused Gensler of being a dishonest regulator who is unfairly targeting the crypto industry while ignoring the real bad actors.
Emmer specifically cited Coinbase as an example of a company that has been cooperative with the SEC, even seeking compliance feedback on their products, but still received a Wells Notice in March.
During a recent interview, Tom Emmer expressed his frustration with Gary Gensler’s approach to regulating cryptocurrency. Emmer claimed that despite having multiple meetings with the SEC, Gensler refused to provide feedback to Coinbase and other crypto companies.
Instead, the SEC issued a Wells Notice to Coinbase on the very issues that the company had sought feedback on. Emmer likened Gensler’s “open door” policy to enter at your own risk, implying that Gensler’s actions are unpredictable and possibly harmful to the industry.
Gary Gensler, who became the chair of the SEC in April 2021, has emphasized the importance of maintaining compliance with securities law for crypto firms. He has urged crypto companies to register with the SEC and has claimed that the agency has an “open door policy.”
Gensler’s view is that most crypto assets are securities and therefore fall under the jurisdiction of the SEC. However, several industry figures, including Coinbase CEO Brian Armstrong and Kraken CEO Jesse Powell, have criticized the SEC for being challenging to work with on multiple occasions.
The crypto community has raised a significant concern regarding the SEC and the U.S. government’s approach to regulation, which seems to target crypto unfairly. Emmer shared his thoughts on the matter and expressed that the government’s current approach is not in the best interest of Americans.
He further commented that this sends a negative message to the broader crypto community and suggests that Gary Gensler is not regulating with good intentions.
Also Read: 2022 Witnessed A Two-Fold Increase In Cryptocurrency Thefts By North Korea