US senator calls on SEC's Gensler to answer for 'regulatory failures'
Minnesota Senator Tom Emmer has slammed United States Securities Exchange Commission (SEC) Chairman Gary Gensler for his flawed “crypto information-gathering efforts” and insisted Gensler should appear before Congress to explain the cost of his “regulatory failures.”
Emmer’s comments came from a Dec. 10 tweet to his 67,500 Twitter followers, where he made reference to a bipartisan Blockchain Caucus letter he co-authored to the SEC Chairman on Mar. 16.
Emmer said, “we now know Gensler's crypto information-gathering efforts were ineffective” citing the collapses of the Terra ecosystem and bankrupt crypto platforms Celsius, Voyager and FTX.
He declined to provide Congress with the information requested in the letter, which would've informed Congress of the apparent inconsistencies in Gensler's approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.
“[Gensler] must testify before Congress and answer questions about the cost of his regulatory failures,” the Senator added.
He pointed out Gensler hasn’t made an appearance before the House Committee on Financial Services since Oct. 5. 2021 which left crypto media to fill the void for the SEC’s investigative failures according to Emmer.
Writers of the March Blockchain Caucus letter stated the SEC’s efforts in sourcing information from crypto companies were not “targeted, intentional, or clear” but rather “haphazard and unfocused.”
Emmer argued Gensler’s response — which came two months later — sidestepped several questions that inquired into the methods and processes the SEC would adopt in providing oversight to the digital asset industry.
“Instead, Gensler decided to explain to Congress the roles of the SEC’s Enforcement and Examination Divisions,” Emmer stated.
Emmer
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