At a House Financial Services Committee hearing yesterday, September 24, Rep. Tom Emmer of Minnesota attacked SEC Chairman Gary Gensler for his “disastrous record.”
Emmer described Gensler's leadership as an example of organizational failure and legal tyranny.
Emmer accused Gensler of creating a culture that required political loyalty from committee staff, including civilian employees, allegations the committee chairman denied despite emails supporting the claim.
"Emer" said:
The way you run the agency and the culture you impose encourages your employees to be loyal to you personally, not to the law or the mission of the SEC.
Gensler under fire:
Emmer continued his attacks on Gensler, accusing him of abusing the agency’s enforcement tools to harm companies.
He added:
It has lured companies seeking compliance only to surprise them with tough enforcement actions.
In recent years, the SEC has filed lawsuits against a number of popular fintech and cryptocurrency companies, including:
Ripple, Coinbase, Kraken, BlockFi, Telegram, Celsius, and Binance, as part of their ongoing campaign against the industry.
Emmer noted that Gensler retaliated against companies and individuals who sought to provide new insights into the future of finance in the United States during the hearings.
In closing, Emmer expressed his displeasure with Gensler for creating new terms that support the authority’s strict practices towards the cryptocurrency industry.
He said:
#AirdropGuide #BinanceTurns7 #MarketDownturn
Perhaps worst of all, you invented the term crypto-asset security, a term that does not exist in any legislation.
I invented it.
He added:
It has generally declared that most digital tokens are securities, reflecting a deliberate effort as part of the SEC's crackdown on cryptocurrencies over the past three years.
