U.S. lawmaker Tom Emmer recently expressed his concerns regarding the approach taken by SEC chairman Gary Gensler regarding regulation in the crypto industry. Emmer stated that Gensler’s “regulation through enforcement” strategy is not effectively protecting any individuals or entities in the industry.
Instead, Emmer believes that a more comprehensive and proactive regulatory framework is needed to ensure the safety and security of investors and market participants.
The lawmaker responded to the recent allegations made by the Securities and Exchange Commission (SEC) against crypto companies Genesis and Gemini regarding their Earn product. The regulator has claimed that the product in question constituted an unregistered offer and sale of securities, violating federal securities laws.
However, on 13th January, Tyler Winklevoss, one of the founders of the cryptocurrency exchange Gemini, took to Twitter to express his disappointment regarding the recent charges implemented by the Securities and Exchange Commission (SEC).
In his tweet, Winklevoss stated that the actions taken by the SEC were not only unjust but also counterproductive. He went on to express his belief that the charges were only detrimental to his company, which is trying to return assets to Earn users. According to Winklevoss, the program is fully compliant with the regulations set forth by the New York Department of Financial Services (NYDFS).
In addition to expressing his disappointment with the recent charges implemented by the SEC, Winklevoss also pointed out that the exchange had been in discussions with the SEC regarding the product in question for over 17 months. Throughout this period, Winklevoss noted that the SEC had never raised any issues or concerns about the Earn product until Genesis paused withdrawals.
Winklevoss aired his opinion that the SEC was not acting in the industry’s or the public’s best interests but focused on scoring political points. He described the charges brought against his firm as a “manufactured parking ticket” that was not only unjustified but also counterproductive.
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