Minnesota Senator Tom Emmer criticized US Securities and Exchange Commission (SEC) Chairman Gary Gensler for his flawed "cryptographic information gathering efforts" and insisted that Gensler should appear before Congress. to explain the cost of their "regulatory failures".
Emmer's comments come from a December 10 cheep to his 67,500 Twitter followers, where he referenced a bipartisan Blockchain Caucus letter he co-authored to the SEC chairman on March 16.
Emmer said, "We now know that Gensler's crypto information-gathering efforts were ineffective," citing the collapses of the Terra ecosystem and bankrupt crypto platforms Celsius, Voyager, and FTX.
He refused to provide Congress with the information requested in the letter, which would have informed Congress of the apparent inconsistencies in Gensler's approach that caused him to lose Terra/Luna, Celsius, Voyager, and FTX.
โTom Emmer (@RepTomEmmer) December 9, 2022
โ[Gensler] must testify before Congress and answer questions about the cost of its regulatory failures,โ added the Senator.
He noted that Gensler has not appeared before the House Financial Services Committee since Oct. 5, 2021, leaving the crypto media to fill the void of the SEC's investigative failures according to Emmer.
The writers of the March Blockchain Caucus letter stated that the SEC's efforts to obtain information from cryptocurrency companies were not "targeted, intentional, or clear," but rather "random and unfocused."
Emmer argued that Gensler's response, which came two months later, dodged several questions asking about the methods and processes the SEC would adopt to oversee the digital asset industry.
"Instead, Gensler decided to explain to Congress the functions of the SEC's Examination and Enforcement Division," Emmer said.
Emmer has previously expressed criticism of the Financial Watchdog Crypto Supervisory Strategy.
โCongress should not have to learn the details about the SEC's oversight agenda through stories planted in progressive publications,โ he stated on November 26.
Related: Republican Lawmaker Claims SEC Chairman Was Coordinating With FTX 'To Obtain Regulatory Monopoly'
A few days earlier, on November 23, Emmer tweeted that Gary Gensler's lack of leadership contributed to the catastrophic collapse of FTX that took place in early November.
The FTX crash is not a cryptographic flaw. It's a bug with CeFi, @GaryGenslerand Sam Bankman-Fried. Decentralization is the point. Look below for more thoughts. pic.twitter.com/VYacafc0ZD
โTom Emmer (@RepTomEmmer) November 22, 2022
Much of Gensler's and the SEC's efforts in recent years have focused on determining whether cryptocurrencies fall within the definition of the Howey test, and therefore are subject to US securities laws. ongoing Ripple case with your XRP (XRP) symbolic
Emmer has long been a cryptocurrency advocate as a financial asset since 2020 and considers that the US government should clear the way to ensure that it does not stifle innovation in the crypto industry.
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