Senator Tom Emmer of Minnesota has criticized Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), for his ineffective efforts to obtain cryptocurrency data and demanded that Gensler testify before Congress to explain the implications of his regulatory failures.
Tom Emmer said in a tweet, “We now know Gensler’s crypto information-gathering efforts were ineffective.” highlighting the downfall of the Terra ecosystem and the failure of the cryptocurrency exchanges Celsius, Voyager, and FTX.
He declined to provide Congress with the information requested in the letter, which would’ve informed Congress of the apparent inconsistencies in Gensler’s approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.
— Tom Emmer (@RepTomEmmer) December 9, 2022
Tom Emmer also added in the tweet saying:
“Gensler has repeatedly dodged Congress at the expense of investors (hasn’t publicly appeared before the House Financial Services since October 5, 2021), leaving us to learn about the SEC’s crypto investigations, like the one into FTX, through the media. @GaryGensler must testify before Congress and answer questions about the cost of his regulatory failures.”
Emmer claimed that key questions about the SEC’s processes and strategies for regulating the digital asset sector were avoided in Gensler’s response, which came two months later.
According to Emmer, Gensler has yet to appear before the House Committee on Financial Services since October 5, 2021, leaving crypto media to fill the void left by the SEC’s shortcomings in its investigation.
Tom Emmer stated:
“Instead, Gensler decided to explain to Congress the roles of the SEC’s Enforcement and Examination Divisions.”
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