**Crypto Clash: Congressman Emmer Takes on SEC Chair Gensler**
U.S. Congressman Tom Emmer has fiercely criticized SEC Chair Gary Gensler, labeling him the most "destructive" and "lawless" in the SEC's 90-year history. Emmer accused Gensler of inventing the term "crypto asset security" without offering any regulatory guidance, fueling a three-year enforcement spree against the crypto industry. This term was recently retracted by SEC lawyers in court.
Emmer also grilled Gensler over the mishandling of the Debt Box case, where the SEC was ordered to pay $1.8 million in fees after the case was dismissed.
Adding to the heat, SEC Commissioner Hester Peirce argued that the SEC should have admitted long ago that crypto tokens arenât securities. She emphasized the need for clearer guidelines and welcomed Congressional input.
Despite calls to rescind the SECâs Staff Accounting Bulletin No. 121, Gensler confirmed it will remain. This rule requires entities holding crypto to record them as liabilities, a move criticized for potentially making the digital asset ecosystem "less safe."
Stay tuned as the crypto regulatory landscape continues to evolve.