On Sept. 24, Minnesota Representative Tom Emmer took aim at Gary Gensler over his \u201cdisastrous record\u201d as Chairman of the SEC.\u00a0The grilling came during a House Financial Services Committee congressional hearing.<\/p>\n
Emmer accused<\/a> Gensler of expecting political allegiance from SEC staff, including civil servants; however, the SEC chair denied this claim despite email evidence to the contrary.<\/p>\n \u201cThe way you hire and the culture you require encourages your staff to have loyalty to you, above the law, and above the mission of the SEC.\u201d<\/p>\n The lambasting continued with Tom Emmer accusing Gensler of abusing the agency\u2019s enforcement tools.<\/p>\n \u201cYou\u2019ve even baited companies eager to comply with you only to hit them with enforcement actions.\u201d<\/p>\n Over the past few years, the SEC has brought legal action against several high-profile fintech and crypto companies, including Ripple, Coinbase<\/a>, Kraken, BlockFi, Telegram, Celsius, Binance, and others, in its ongoing war on the industry.<\/p>\n \u201cYou\u2019ve retaliated against businesses and people who have come before this committee to talk about the next generation of American finance,\u201d Emmer continued.<\/p>\n .@GaryGensler<\/a> has been the most destructive and lawless SEC Chairman in history. pic.twitter.com\/HUV3HVI1FL<\/a><\/p>\n \u2014 Tom Emmer (@GOPMajorityWhip) September 24, 2024<\/a><\/p>\n\n He mentioned the Debt Box case where the SEC was sanctioned<\/a> for material misrepresentation in court, noting that this resulted in the agency paying nearly $2 million in legal fees with taxpayer money.<\/p>\n Emmer mentioned Vice President Harris\u2019s reported plans to create clear rules for digital assets, criticizing Gensler\u2019s approach to regulating the industry, citing confusion in the marketplace and numerous court cases.<\/p>\n \u201cDo you think she\u2019s rebuking you because she doesn\u2019t think you\u2019ve done a good enough job establishing these clear rules over the last three years of her administration?\u201d he asked.<\/p>\n Gensler replied with the same answer: laws are already in place, and it is his job to enforce them.<\/p>\n Finally, the Republican congressman took umbrage at Gensler, making up terms to suit the agency and its heavy-handed approach to the crypto industry.<\/p>\n \u201cAnd perhaps somehow worst of all you\u2019ve made up the term \u201ccrypto asset security.\u201d This term is nowhere to be found in statute. You made it up.\u201d<\/p>\n \u201cYou made the broad proclamation that you believe a majority of tokens are \u2018crypto asset securities,\u2019\u201d he said before concluding that this was an intentional effort as part of the SEC\u2019s war on crypto and \u201cenforcement crusade\u201d over the past three years.<\/p>\n Tom Emmer, who called for clarity<\/a> on crypto airdrops earlier this month, wrapped up with this final conclusion:<\/p>\n \u201cYour 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.\u201d<\/p>\n The post Gary Gensler Lambasted as Most \u2018Historically Destructive and Lawless\u2019 SEC Chair<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" On Sept. 24, Minnesota Representative Tom Emmer took aim at Gary Gensler over his \u201cdisastrous record\u201d as Chairman of the SEC.\u00a0The grilling came during a House Financial Services Committee congressional hearing. Emmer accused Gensler of expecting political allegiance from SEC staff, including civil servants; however, the SEC chair denied this claim despite email evidence to […]<\/p>\n","protected":false},"author":0,"featured_media":9261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9260"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9260"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9261"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Gary Gensler Under Fire<\/h2>\n
Fabricated Terminology<\/h2>\n