James Comer, chairman of the US House Oversight and Accountability Committee, has threatened Securities and Exchange Commission (SEC) Chairman Gary Gensler with a subpoena. He wrote in the letter dated October 12, that the committee โwill have no choiceโ but to use mandatory measures to obtain documents if the SEC does not begin cooperating with it.
Comer also expressed concern about โactions taken by the SEC to bypass Congress and promote an agenda that harms American taxpayers.โ Cryptocurrency advocates in Congress have often complained about Gensler in similar terms, but this letter is not about cryptocurrencies. Rather, Comer was writing about coordination with the European Union (EU) on environmental, social and governance (ESG) and climate-related issues, as well as the SEC's evasions.
Gensler is before the SEC oversight committee.
The president began by threatening him with a subpoena because they have not responded to this committee's requests.
President McHenry pursues him hard
That too... pic.twitter.com/uYLhyCyLRG- Alistair Milne (@alistairmilners) October 12, 2023
Comer and Senator Tim Scott, who He is now running for the Republican Party. presidential primaries, wrote to Gensler in June requesting information about US cooperation with the EU on climate legislation that could affect US companies. They sent a similar letter to Treasury Secretary Janet Yellen. In his last letter, Comer said:
โTo date, the SEC has not produced documents that are substantially responsive, and to date the overwhelming majority of documents produced have been publicly available on the SEC website. [โฆ] or documents that have already been disclosed pursuant to the Freedom of Information Act.โ
These words virtually mirror Patrick McHenry's letter of April 12, where he wrote: "The 232 pages of documents provided by your staff after the briefing are publicly available and do not respond to the request." McHenry was writing about your request for information related to the prosecution of former FTX CEO Sam Bankman-Fried. McHenry also threatened Gensler with โmandatory prosecution.โ McHenry He repeated that threat in person. at a hearing of the House Financial Services Committee.
Related: Crypto Supporter Patrick McHenry Takes Over as Acting Speaker of the House of Representatives
Cryptocurrency supporters will also hear echoes of themselves in Comer's line: "it is not clear that the law provides such authority and we must determine whether legislation is necessary." In his first letter, Comer reminded Gensler of the West Virginia Supreme Court's ruling against the EPA, which addressed major doctrinal issues and could have an impact also about the SEC's activities in the cryptosphere.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Last Word?
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