As ecosystems crumble, the SEC chair’s crypto supervision plan is under scrutiny.
Congressman Tom Emmer expressed dissatisfaction with Gary Gensler’s approach to the crypto ecosystem’s regulatory framework. Gensler is the chairman of the U.S. Securities and Exchange Commission.
The efficiency of crypto legislation in the United States is in doubt due to the massive collapse of key exchanges and ecosystems over the past year, including FTX, Celsius, Voyager, and Terra. Regulations are frequently intended to safeguard citizens from criminal actors.
Congressman Tom Emmer expressed dissatisfaction with Gary Gensler’s approach to the crypto ecosystem’s regulation. Gensler is the chair of the U.S. Securities and Exchange Commission (SEC).
Emmer has been outspoken in his criticism of Gensler’s “arbitrary and inconsistent approach” to crypto monitoring. On March 16, the Congressman disclosed receiving approaches from multiple blockchain and cryptocurrency companies that thought Gensler’s reporting requirements were onerous and stifled innovation.
Congressman Emmer has previously requested that the SEC abide by the requirements outlined in the Administrative Reduction Act of 1980, which was created to lessen the overall paperwork load that the federal government places on individuals and private companies.
Emmer concluded by saying that Gensler’s open testimony before the Financial Services Committee would be helpful because “Congress shouldn’t have to acquire the information about the SEC’s oversight agenda through planted stories in progressive magazines.”
The SEC is involved in a legal dispute with American CryptoFed DAO, the first decentralized autonomous organization (DAO) in the US, regarding registrations for 2021 tokens. American CryptoFed DAO chose not to hire counsel in its quest for registration.
Additionally, American CryptoFed stated that it intended to submit a motion to extend the due date for its response to the SEC’s Order Initiating Administrative Proceedings.