Emmer, who serves as the US representative for Minnesota’s 6th District, is well known for his crypto-friendly stance.
US Congressman Tom Emmer, as a podcast guest, referred to the Chairman of the Securities and Exchange Commission (SEC) Gary Gensler, in regard to the agency’s regulatory acts in the cryptocurrency sector.
On April 7, through Unchained, the popular cryptocurrency podcast, Emmer accused Gensler of regulating the cryptocurrency sector in bad faith. Tom Emmer believes that the head of the SEC holds the same anti-crypto belief as billionaire Warren Buffet, and has been blindly cracking down on the cryptocurrency industry while neglecting the really bad players in the industry.
Emmer stated that Gensler, in his opinion, “is a bad-faith regulator. He has been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.”
Congressman Tom Emmer, who serves as the US Representative for Minnesota’s 6th District, is well known for his crypto-friendly stance and has sponsored many bills aimed at growing the space, including the Values Clarity and, recently, Blockchain Regulatory Clarity.
Emmer: “Enter Gensler’s Open Door Stance at Your Own Risk”
Gensler is known for calling for an open-door policy when it comes to cryptocurrency businesses and operators. However, Emmer believes that this policy is nothing more than mere words. “Gary Gensler might have an open door, but it’s an entry door at your own risk,” he said on the podcast, while exemplifying the recent debacle between the SEC and Coinbase, a cryptocurrency exchange that Emmer describes as one of the most regulation-compliant crypto companies.
Tom Emmer noted that Coinbase had tried to tap into the “Gensler open door” by engaging with the SEC regarding the Earn Product, which the exchange intended to list for its clients.
However, after several meetings that took place over several months, the agency did not provide comment on this inquiry, opting instead to criticize the crypto exchange with a Wells Notice.
Overall, the US Majority Whip believes that Gensler’s approach to the crypto space does not bode well for the US crypto market, and it should not be associated with the US government. The Congressman asserted that “Clearly, this is not the way the government should serve the American people, and I think it sends a clear message to the broader crypto community, and that is square: Gary Gensler is not regulating in good faith.”
Congress to Intensify Crypto Legislation Efforts in Coming Weeks
Blockchain Association’s Director of Government Relations Ron Hammond has stated that the general public should expect significant progress on cryptocurrency legislation in the coming weeks. Hammond, upon commenting on Tom Emmer’s podcast appearance, stated that members of the US Congress were currently working in their respective districts this week and the following.
Nevertheless, the last two weeks of April should be busy as “regulatory oversight and legislation intensifies.” That being said, the crypto market remains strong, with a total market capitalization valued at over $1 trillion.
By Audy Castaneda
