It’s clear that Congressman Tom Emmer has had enough of Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), and the hypocrisy with which he’s been handling the crypto space. As Tom said, ‘This guy in my mind, is a bad-faith regulator. He’s been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.’
Tom Emmer recently pointed out the hypocrisy of the SEC and its chairman, Gary Gensler, when it comes to the cryptocurrency space. He gave the example of Coinbase, a cryptocurrency exchange and wallet service provider, who had been trying to get feedback from the SEC regarding their planned staking products for months. After months of meetings, no feedback was provided and instead the SEC hit Coinbase with a Wells Notice regarding those very products that Coinbase was asking for help with.
The Congressman believes that Gary Gensler has been treating the cryptocurrency space without good faith and that the SEC’s actions send a clear message to the broader crypto community. He believes that Coinbase had been trying to do the right thing by reaching out to the SEC after Gary had said they should come in and talk to them in order to clarify any regulatory doubts and register future products with the SEC. However, in this case contacting the SEC only led to them using enforcement tools against Coinbase.
Tom Emmer believes that this is not the way the government should be serving Americans and that Gary Gensler’s actions are not only hypocritical but also damaging to the crypto community. He believes that the SEC should be focused on identifying and punishing the truly bad actors in the space, rather than blindly spraying the crypto community with enforcement actions.