Gary Gensler Lambasted as Most ‘Historically Destructive and Lawless’ SEC Chair
The post Gary Gensler Lambasted as Most ‘Historically Destructive and Lawless’ SEC Chair appeared on BitcoinEthereumNews.com.
On Sept. 24, Minnesota Representative Tom Emmer took aim at Gary Gensler over his “disastrous record” as Chairman of the SEC. The grilling came during a House Financial Services Committee congressional hearing. Emmer accused Gensler of expecting political allegiance from SEC staff, including civil servants; however, the SEC chair denied this claim despite email evidence to the contrary. “The way you hire and the culture you require encourages your staff to have loyalty to you, above the law, and above the mission of the SEC.” Gary Gensler Under Fire The lambasting continued with Tom Emmer accusing Gensler of abusing the agency’s enforcement tools. “You’ve even baited companies eager to comply with you only to hit them with enforcement actions.” Over the past few years, the SEC has brought legal action against several high-profile fintech and crypto companies, including Ripple, Coinbase, Kraken, BlockFi, Telegram, Celsius, Binance, and others, in its ongoing war on the industry. “You’ve retaliated against businesses and people who have come before this committee to talk about the next generation of American finance,” Emmer continued. .@GaryGensler has been the most destructive and lawless SEC Chairman in history. pic.twitter.com/HUV3HVI1FL — Tom Emmer (@GOPMajorityWhip) September 24, 2024 He mentioned the Debt Box case where the SEC was sanctioned for material misrepresentation in court, noting that this resulted in the agency paying nearly $2 million in legal fees with taxpayer money. Emmer mentioned Vice President Harris’s reported plans to create clear rules for digital assets, criticizing Gensler’s approach to regulating the industry, citing confusion in the marketplace and numerous court cases. “Do you think she’s rebuking you because she doesn’t think you’ve done a good enough job establishing these clear rules over the last three years of her administration?” he asked. Gensler replied with the same answer: laws are already in place,…
Filed under: News - @ September 25, 2024 6:15 am