The US Securities and Exchange Commission (SEC) has upset US lawmakers lately. A letter written jointly by Patrick McHenry and Pat Toomey was recently sent to the director of this agency. A request for an explanation certainly linked to decision-making deemed too hasty on the part of the American policeman of the stock market and cryptocurrencies.
“Too many rules, too quickly”
Republican Sen. Pat Joseph Toomey joined Rep. Patrick Timothy McHenry in correcting the SEC. Worried about its rule-making process, the two legislators sent a letter to Gary Gensler.
A report issued by the agency’s inspector general (IG), published in October, would have alerted the latter. He put forward 26 new rules, likely double his 2021 proposal. In the eyes of these Republicans, this report “ raises significant concerns that the agency is trying to promulgate too many rules, too quickly – in some cases using temporary staff with little or no regulatory experience – to the detriment of investors, businesses and investors. US financial markets. »
The letter issued by the Toomey-McHenry duo, however, did not mention cryptocurrencies. As for pro-crypto Toomey, he highlighted his outspokenness in his November 4 tweet.
” I am deeply concerned about the IG report’s conclusion that @SECGov is enacting rules without sufficient feedback. »
Moreover, his Republican friend McHenry did not mince his words against Gensler’s management style. On Tuesday, October 27, he also posted on the same social network that Elon Musk had just redeemed this comment.
” Chairman Gensler’s attempt to impose a progressive agenda on our financial markets deprives the SEC of resources for its core mission, including investor protection. »
The SEC, which is currently investigating several crypto exchanges such as Coinbase and Binance, would have failed in its main mission.
At the end of their letter, Pat Toomey and Patrick McHenry gave Gary Gensler an ultimatum. The latter has an interest in answering their questions before November 16. An opportunity for him to justify the accusations of ” hypocritical management of the SEC » that he would be currently applying.
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