U.S. Congressman calls SEC Chief Gary Gensler a "Bad Faith Regulator"

9 Apr 2023

Hey Peeps!

On April 7th, U.S. Congressman Tom Emmer appeared on the Unchained podcast and called SEC Chief Gary Gensler a “bad-faith regulator”.

Congressman Emmer and the podcast host, Laura Shin, discussed a plethora of topics ranging from government trying to cut crypto off from the banking system, to Binance’s lawsuit, and to the reasons why he is fighting against FedNow, which is the Federal Reserve’s new payment system.

Once the conversation went towards topics like regulation and enforcement, Emmer had harsh words for the SEC Chief Gary Gensler.

Congressman Emmer criticized Gensler regulatory approach of offering an open door for crypto companies but giving them zero feedback to help.

Emmer specifically brings up the case of Coinbase, whom he calls the “most regulatory complaint crypto company”, and how they reached out to Gensler’s SEC for guidance regarding the “Earn” feature, only to be hit with a Wells Notice notifying them of an impending lawsuit.

Here is the direct link to the Unchained podcast episode featuring Congressman Tom Emmer.

“This guy in my mind, is a bad-faith regulator. He’s been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.
Gary Gensler might have an open door, but it is an enter-at-your-own-risk door because what he does is, despite several meetings over several months, Gary Gensler’s SEC refused to provide feedback. Instead, after all these meetings and nothing happening, the SEC slapped Coinbase with a Wells Notice regarding the very issues on which Coinbase was asking for their feedback.
This is clearly not the way the government should be serving Americans, and that it sends a clear message, I believe, to the broader crypto community, and that directly is Gary Gensler is not regulating in good faith.”
- U.S. Congressman Tom Emmer

Congressman Emmer also spoke about “Operation Choke Point 2.0”, which refers to the Biden administration and Federal Regulators push to cut the cryptocurrency industry off from banking services.

While discussing “Operation Choke Point 2.0” took a swipe at a fellow member of Congress, Elizabeth Warren, for “dancing on the grave” of Silvergate and other the crypto-friendly banks experiencing hardships.

Emmer claims that many in the government and financial world are trying to blame cryptocurrency for these recent bank failures.

I know it is just a small sample size, but this interview gives me some hope that there are Government officials who see the harm being done by the SEC and other regulatory agencies.

Since Congressman Emmer is a high-ranking official, being the House Majority Whip and second-ranking member of Congress, it may be possible that we could see some actual legislation targeting these regulatory agencies like the SEC and CFTC.

What are your thoughts on this news?

Do you agree with Congressman Tom Emmer’s criticism of Gary Gensler and the SEC?

Is the tide turning against the SEC?

Will we see government try to reel in the rogue regulatory agencies?

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