Minnesota Representative Tom Emmer called out Securities and Exchange Commission Chairman Gary Gensler on Sunday, demanding that the official speak before Congress about his approach to regulating crypto.
“@GaryGensler must testify before Congress and answer questions about the cost of his regulatory failures,” he wrote in a thread on Twitter.
.@GaryGensler must testify before Congress and answer questions about the cost of his regulatory failures.
Emmer says the SEC had failed to gather the information needed from crypto companies that would have prevented disasters like the $32 billion dollar collapse of cryptocurrency exchange FTX.
“We now know Gensler’s crypto information-gathering efforts were ineffective,” he stated.
He argued that the SEC has displayed a consistent lack of clarity regarding its approach and has been unwilling to provide useful insight. He referenced a letter sent to Gensler in March that asked specific questions about the financial watchdog’s policies and procedures—questions he said were sidestepped in Gensler’s response.
“[Gensler] 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,” he said.
Emmer also claimed that the Congressional Blockchain Caucus, which he co-chairs, has received reports of SEC inquiries and investigations that warrant concern.
“Efforts to gather info on crypto companies were not targeted,…