• Congressman Tom Emmer has accused the SEC Chairman Gary Gensler of regulating the crypto sector in bad faith.
• Emmer believes that Gensler shares anti-crypto beliefs with billionaire Warren Buffet and is cracking down on the cryptocurrency industry while ignoring real bad players.
• Emmer also mentioned Gensler’s open-door policy regarding dealing with crypto businesses and operators, which he describes as an “enter-at-your-own risk” door.
U.S. Congressman Tom Emmer Challenges SEC Chairman
U.S Congressman Tom Emmer recently laid into Securities and Exchange Commission (SEC) Chairman Gary Gensler on April 7th during a guest appearance on popular cryptocurrency podcast Unchained, accusing him of “bad faith” regulation of the crypto sector.
Gensler Shares Anti-Crypto Beliefs With Billionaire Warren Buffet
Tom Emmer believes that Gensler shares similar anti-crypto beliefs as billionaire Warren Buffet, blindly cracking down on cryptocurrency industry players while neglecting real bad actors. He said: “This guy, in my mind, is a bad-faith regulator. He’s been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.”
Gensler Claims Open Door Policy For Crypto Businesses
Gary Gensler is known for claiming an open door policy when it comes to dealing with crypto businesses and operators; however, U.S House Majority Whip Tom Emmer disagrees, believing that this policy will ultimately put people at risk rather than protecting them. This was exemplified by Coinbase attempting to access “Gensler’s open door” by engaging with the SEC regarding their Earn Product which they intended to list for customers; however, after several meetings over a few months they received no feedback but instead a Wells Notice from the agency instead.
Tom Emmer Believes Gensler’s Regulatory Approach Is Unfortunate
Despite his optimistic approach towards cryptocurrencies in general and sponsoring bills such as The Securities Clarity Act and Blockchain Regulatory Clarity Act (BRCA), U.S Representative for Minnesota’s 6th district Tom Emmer believes that Gary Gensler’s regulatory approach is unfortunate for both investors and entrepreneurs in the blockchain space looking to help advance innovation within cryptocurrencies in America .
Congressman Tom Emerr expressed his disappointment at Gary Genserl’s handling of regulations within the cryptocurrency sector due to his anti-crypto beliefs shared with billionaire Warren Buffett; as well as issues surrounding his ‘open door policy’ due to Coinbase being met only with silence or Wells Notice after engaging multiple times over several months concerning their Earn Product listing intentions