HomeBitcoinUS senator blasts SEC for non-legal actions against crypto companies

US senator blasts SEC for non-legal actions against crypto companies

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Senator Emmer emphasized the politicization of rules by the SEC and referred to them as power-hungry bureaucrats who stifle sincere regulations.

The United States Securities and Exchange Commission (SEC) has been under fire for its unethical tactics against cryptocurrency startups from politicians as recently as Senator Tom Emmer, a Republican from Minnesota.

Emmer accused the SEC of politicizing laws during his exchange with the House Committee on Financial Services, which was captured on camera and shared online on Tuesday. Gurbir Grewal, the SEC’s director of enforcement, was then interrogated on the agency’s unethical “industry sweeps” of cryptocurrency startups.

 

The Senator further questioned whether the SEC has any authority over these sweeps targeting cryptocurrency companies and what actions it takes against businesses that refuse to submit to such voluntary questioning. Grewal acknowledged taking enforcement measures against businesses outside of their purview. Emmer claimed that SEC was expanding its crypto jurisdiction in an unconstitutional manner by means of its Enforcement department.

In addition, Emmer charged that SEC Chair Garry Gensler had threatened and threatened businesses.

“Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to ‘come in and talk’ to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation.”

Emmer argued that the SEC’s actions were wholly inappropriate and that the organization is not acting in good faith when it comes to the regulation of the market for digital assets in particular.

Brad Sherman, the congressman who earlier demanded that cryptocurrencies be outlawed in the United States, also criticized the SEC for their enforcement strategy against significant crypto exchanges. The crypto exchanges that handled “tens of thousands” of transactions involving the token, according to Sherman, were not targeted by the SEC enforcement division when it came to Ripple (XRP) as security.

Given his experience in the crypto and blockchain industries, many in the industry believed Gary Gensler’s selection as SEC chief would be advantageous for the regulations. Gensler’s strategy, on the other hand, has been highly ambiguous and unethical.

 

 

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