Tom Emmer, a senator from Minnesota, addressed Gary Gensler and the Securities and Exchange Commission on Twitter. The senator raised doubt about the SEC’s approach to crypto regulation.
SEC failed to collect crucial information from crypto companies
Why is Gary Gensler the subject of this Tom Emmer attack on Twitter ? The reason is that the Securities and Exchange Commission could not collect the necessary information from the crypto companies. Indeed, this operation could have prevented disasters like the collapse of the FTX crypto exchange.
Tom Emmer said Gensler’s information-gathering efforts were ineffective. In other words, the SEC has shown a consistent lack of clarity about its approach, and has been unwilling to provide useful information. Indeed, Tom Emmer sent a letter to Gensler in March asking specific questions about the financial watchdog’s policies and procedures. Unfortunately, Gary Gensler dodged these questions, admits Tom Emmer. He adds that efforts to gather information about crypto companies were not targeted, intentional or clear. On the contrary, the SEC’s requests were, on the contrary, random and unclear.
Gary Gensler to testify before Congress?
In the latest Tweet, Tom Emmer compels Gary Gensler to testify before Congress. Additionally, the SEC chairman must answer questions about the cost of his regulatory failures, he says. In fact, Gensler refused to provide Congress with the information requested in the letter. This would have informed Congress of the apparent inconsistencies in Gensler’s approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.
Gensler lacked transparency, insists Tom Emmer. However, this hurts investors. He also pointed out that Gary Gensler has not made a public appearance before the House Financial Services Committee since October of last year.
Tom Emmer tweeted that Gensler’s lack of leadership contributed to the catastrophic collapse of the Bankman-Fried exchange.
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