The post Lawmakers Slam Gensler as ‘Most Destructive’ SEC Chair appeared on BitcoinEthereumNews.com.

U.S. lawmakers, led by House Majority Whip Tom Emmer, criticized SEC Chair Gary Gensler’s crypto regulation approach accusing him of overstepping authority. Lawmakers expressed frustration over Gensler’s vague responses regarding digital assets and questioned the SEC’s unequal application of regulations. U.S. lawmakers recently grilled Securities and Exchange Commission (SEC) Chair Gary Gensler, criticizing his approach to crypto regulation. The lawmakers spotlighted the SEC’s heavy-handed, inconsistent enforcement agenda. House Majority Whip Tom Emmer led the charge, accusing the SEC Chair of overstepping his authority. “You’ve invented the term ‘crypto asset security,’” Emmer said during the Financial Services Committee hearing. He pointed out that Gensler’s use of the term had no legal foundation. Moreover, Emmer argued that the SEC Chair had launched a regulatory campaign against cryptocurrencies based on this fabricated term. However, the SEC withdrew the campaign at a later stage.  “We could not have had a more historically destructive or lawless chairman of the SEC,” Emmer added. Emmer also criticized Gensler’s handling of specific cases, notably the SEC’s lawsuit against Debt Box, a crypto startup accused of fraud. The case, which centered on allegations of a $50 million scam, was dismissed. In addition, the SEC was ordered to pay $1.8 million in legal fees. Emmer accused SEC attorneys of fabricating evidence to align with Gensler’s anti-crypto stance. Gensler acknowledged the mishap and stated, “The matters, in that case, were not well handled.” Earlier this month, the SEC also faced an investigation into hiring practices raising concerns of potential bias, reported CNF.  Gary Gensler Avoids Token vs. Securities Discussion Financial Services Committee Chairman Patrick McHenry accused the SEC of becoming a “rogue” agency under Gensler’s leadership. He noted the lack of clarity in the terms the SEC uses when referring to digital assets. He pointed out that the regulator had used…

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Filed under: News - @ September 25, 2024 5:27 pm