US Congressman Tom Emmer criticized the Securities and Exchange Commission chair, Gary Gensler, on his approach toward the regulation of the cryptocurrency industry.
According to Emmer, lawmakers have become more concerned about Gensler’s approach to the industry. This is considering the fact that “his strategy (missed) Celsius, Voyager, Terra/Luna– and now FTX.”
He added that the “Congress shouldn’t have to learn the details about the SEC’s oversight agenda through planted stories in progressive publications.”
In March, Emmer said SEC’s approach to regulating the crypto industry was “burdensome” and stifling innovation.
SEC Chair Gary Gensler is set to appear before the Financial Committee of the US Congress to answer some questions about the agency’s role in the financial industry.
Emmer Says FTX’s Collapse Wasn’t a Failure of Crypto
The recent criticism is the second in the last few days from Emmer on Gary Gensler. In a recent Fox Business interview, Emmer said the FTX’s collapse was not a failure of crypto.
Rather, he described it as the failure of business ethics, Sam Bankman-Fried, SEC oversight, and FTX.
He also accused Gary Gensler of working with Sam Bankman-Fried to the detriment of the crypto industry.
According to Emmer, Gensler was “working with Sam Bankman-Fried and others to give them special treatment from the SEC that others aren’t getting.”
He continued that the good actors in the industry were facing prosecutions and investigations from the regulator.
He added:
“We need to get to the bottom of this—we need to understand why Gary Gensler and the SEC were not doing their job.”
Meanwhile, Emmer also criticized the mainstream media for their portrayal of SBF. This was in response to the piece in the New York Times after FTX collapsed.
The congressman noted that it is odd that the media firm would write something like that about “a guy who mismanaged funds.”
Gary Gensler Under Pressure
SEC chairman Gary Gensler has come under intense pressure following FTX’s recent failure. Gensler has seen his approach and relationship with SBF questioned.
Several reports also revealed that crypto stakeholders have questioned the Commission’s regulation-by-enforcement approach to the industry.
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