On several occasions this year, leading figures in the crypto industry have criticized the regulatory policy rolled out by the SEC. Their opinion seems to have found an echo in the House of Representatives.
The SEC, a regulator in bad faith?
The strategy deployed by the Securities and Exchange Commission (SEC), to regulate crypto firms, continues to make people react. After the interventions of actors of the industry like Jesse Powell, it is the turn of Tom Emmer to decide on the subject.
His opinion broadly agrees with that expressed by crypto industry players. According to him, the SEC is going about the wrong way to regulate the sector. But the member of the House of Representatives did not mince his words. Directly criticizing Gary Gensler, the head of the SEC, Tom Emmer accused the policeman of the American stock market of acting in bad faith.
“In my opinion, this guy is a bad faith regulator. He blindly showered the crypto community with enforcement action while completely ignoring the real bad actors,” launched Emmer as part of a podcast.
The SEC U-turn and Difficulties for Crypto Businesses
Tom Emmer’s opinion also seems to confuse the SEC chairman with hypocrisy. To hear it, the attitude of the institution vis-à-vis crypto firms is clearly not in phase with the position allegedly of ” open door “displayed by its president, at the premieres of his taking office in 2021.
At that time, the latter seemed quite willing to encourage crypto companies in the right direction. He had also invited many of them to enlist in order to comply with securities law.
Yet the tone of the SEC has changed significantly in recent months. A situation that has reacted several players in the crypto community who have highlighted the difficulties in operating with the latter.
The most recent example is that of the Coinbase platform. In March, the latter was informed by the SEC that a law enforcement procedure (Avis Wells) would be launched against it. This, even though the steps to bring the platform into compliance with the SEC have not prospered. “This is clearly not the way the government should be serving Americans”launched Emmer.
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