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US Congressman Tom Emmer slammed Securities and Exchange Commission (SEC) Chair Gary Gensler, calling him the most “lawless” and “destructive” Chair in the regulator’s history.
“Your inconsistencies on this issue have set this country back,” Emmer said to Gensler at a Sept. 24 House Financial Services Committee hearing. “We could not have had a more historically destructive or lawless chairman of the SEC.”
Gary Gensler Made Up The Term “Crypto Asset Security”
Emmer accused Gensler of making up the term ”crypto asset security,” which “is nowhere to be found in statute.” In addition to making up the term, Gensler also failed to specify how this term is defined within the SEC, according to the Congressman.
By coming up with a new term to class digital assets, the SEC was able to carry out its “enforcement crusade” against the crypto industry over the last three years, Emmer said.
The handling of the DEBT Box case was also brought up during the hearing. According to Emmer, SEC lawyers made up a series of lies in the lawsuit to carry out Gensler’s “anti-crypto rhetoric” and aggressive enforcement action against the developing digital asset industry.
Emmer then asked Gensler if he was “even slightly embarrassed” by the regulator’s handling of the DEBT Box case.
“The matters in that case were not well handled,” Gensler said.
Harris Says She Will Champion AI And Digital Asset Innovation If Elected
This Congressional hearing comes ahead of the highly-anticipated US elections in November, which many believe could impact crypto policy. Republican Donald Trump aims to become the “crypto President,” while Democratic candidate Kamala Harris has been less outspoken about her stance on digital assets.
Our first Crypto Commander in Chief will be @realDonaldTrump.
Comrade Kamala Harris can't be trusted to support the strong and growing digital economy. pic.twitter.com/ogSsvburyD
— Tom Emmer (@tomemmer) September 20, 2024
Over the weekend, Harris did, however, say that she would “encourage innovative technologies like AI and digital assets while protecting consumers and investors.”
“Is this your approach, too, sir, or do you think she’s rebuking you because she doesn’t think you’ve done a good enough job establishing these clear rules over the last three years?” Emmer asked.
Gensler replied that there are laws in place but that many people in crypto ”are not following the laws.”
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