U.S. Congressman Tom Emmer sharply criticized U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on September 29, 2023. In a statement, Emmer accused Gensler of being "loyal to Wall Street's interests" and "attacking technological innovation."
Emmer noted that Gensler has been an advocate of regulations that could harm the cryptocurrency industry. For example, Gensler has argued that stablecoins should be regulated as securities, which could hinder their development and adoption.
Emmer also criticized Gensler for its lack of transparency. The congressman noted that Gensler has refused requests to meet with lawmakers who support technological innovation.
"Gary Gensler is proving to be loyal to the interests of Wall Street rather than American investors," Emmer said in the statement. "His regulatory approach is stifling innovation and hurting consumers."
Emmer's criticisms join those of other lawmakers and cryptocurrency industry advocates. These groups have argued that Gensler's regulations are too stringent and could stifle innovation.
Gensler has defended its actions, arguing that regulation of the cryptocurrency industry is necessary to protect investors. However, his critics argue that his regulations are aimed at stifling competition from Wall Street.
The debate over cryptocurrency regulation is likely to continue in the coming months.
Source: https://iqconnect.house.gov/iqextranet/view_newsletter.aspx?id=108787&c=MN06TE
