US Lawmaker Says SEC Chief Gary Gensler is a “Bad Faith Regulator”

Congressman Tom Emmer is known for his positive stance on the crypto market. He has recently talked about the matter of the SEC crackdown on the cryptocurrency marketplace. He has raised some questions on the open-door policies of SEC Chief Gary Gensler.

He has spoken out about the concerns of the wider crypto community on the matter of recent regulatory pushback in the USA. To this end, he has dubbed the current SEC chief as a bad-faith regulator. The majority whip was interviewed by a journalist to shed some light on the matter.

During the interview, Emmer claimed that Congress has called for SEC to testify on the situation. Thus, he informed the community stakeholders about a very busy session in Congress on the matter of regulatory action and legislative policy formulation.

Speaking to Laura Shin at the Unchained podcast, the whip slammed the policies of the SEC chief on the crypto market. He said that Gensler launched an attack on the cryptocurrency market while ignoring the real bad actors.

It is not wrong to say that he has condemned the anti-crypto stance of the financial regulator strongly. He also presented the example of Coinbase, which is currently preparing to face the Wells notice issued by the SEC last month on the matter of staking options.

It is worth noting that Coinbase is a regulated cryptocurrency exchange that has also become a publicly traded company last year. The firm has remained loyal to the regulatory requirements of the financial regulators on several occasions.

Nevertheless, Coinbase is not exempted from other crypto exchanges, such as Binance and Kraken, that have been hit by lawsuits recently. Emmer mentioned that Coinbase was already in the process of working with regulators to get legislative clarity on staking products.

Gensler’s Anti-Crypto Policies

Gensler has adopted a strict stance on the crypto sector since his appointment as the head in 2021. He has talked about the open-door policy of the SEC under his siege. He also issued various warnings to crypto enterprises to apply for registration with SEC and comply with securities laws. During his tenure at SEC, he has defined all altcoins as unregistered securities, with the exception of Bitcoin.

Gensler is working with the narrative that crypto should operate under the supervision of the SEC. Some key crypto stakeholders, such as Coinbase CEO, have discussed the issues dealing with SEC. The same problems are cited by the former CEO of Kraken.

Emmer claims that government should not serve their citizens using such harsh policies but rather work on finding the middle ground.

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