Congressman Blasts SEC Chair Over Crypto Regulation Failures
Congressman Tom Emmer sharply criticized U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler during a congressional hearing, questioning his leadership and approach to cryptocurrency regulation. âThe SEC broke the law, your attorneys lied to the court, and no one in your leadership here in D.C. has been held accountable,â the lawmaker stressed.
Tom Emmer Criticizes SEC Chairman Gary Gensler on Crypto Regulation and Leadership
Congressman Tom Emmer (R-MN) criticized U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler during a House Financial Services Committee hearing on Tuesday, focusing on Genslerâs leadership, cryptocurrency enforcement, and the SECâs transparency.
The lawmaker accused Gensler of fostering political loyalty among SEC staff and prioritizing allegiance over the agencyâs mission. He referenced emails showing that a senior SEC official aligned with Genslerâs political views, suggesting this behavior creates a culture of loyalty to Gensler over the law. Emmer brought up a court case in Utah involving the Debt Box, where SEC attorneys allegedly misled the court to target cryptocurrency companies, which led to $2 million in legal fees. The congressman asserted:
The SEC broke the law, your attorneys lied to the court, and no one in your leadership here in D.C. has been held accountable.
Emmer also criticized Gensler for introducing the term âcrypto asset securityâ without proper legal foundation, using it in enforcement actions but later retracting it in court. He argued that Genslerâs inconsistent handling of cryptocurrency regulation has caused market confusion and set back the U.S. financial sector. Emmer concluded:
Your inconsistencies on this issue, sir, have set this country back. We could not have had a more historically destructive, or lawless, chairman of the SEC.
What do you think about Emmerâs critique of Gary Genslerâs leadership and handling of cryptocurrency regulation? Let us know in the comments section below. #Write2Earn