US congressman criticises SEC boss over wrong crypto regulation approach

Tom Emmer criticised Gary Gensler over the regulatory approach of the US Securities regulatory body under the leadership of Gary Gensler.

The United States Securities and Exchange Commission (SEC) is a leading financial market regulatory body in the US, which regulates the spot money market including the crypto market. This regulatory body is known as a highly strict agency because its regulatory approach remains strict on the crypto sector because of unclear laws & policies. 

On 26 November, Tom Emmer, a US congressman, took to Twitter to criticise the regulatory approach of the SEC agency over its failure to stop the fraud & incidents in the crypto space like bankrupcy of FTX exchange, Terra(Lunc), Voyager Digital, Celsius, etc. 

We are even more concerned now as we've seen his strategy miss Celsius, Voyager, Terra/Luna– and now FTX.

— Tom Emmer (@RepTomEmmer) November 25, 2022

Emmer also said that Congress shouldn’t have to learn the details about the SEC’s oversight agenda through planted stories in progressive publications and we look forward to @GaryGensler’s public testimony before the @FinancialCmte.

Earlier this, on 23 November, Emmer appeared in an interview with FOX Business and said that FTX collapse was not the mistake of Crypto & blockchain technology instead Centralised power abuse, Sam Bankman-Fried (SBF) & SSC chairman Gary Gensler were responsible.

FTX's collapse is not a crypto failure. It's a failure with CeFi, @GaryGensler, and Sam Bankman-Fried. Decentralization is the point. Watch below for more thoughts pic.twitter.com/VYacafc0ZD

— Tom Emmer (@RepTomEmmer) November 22, 2022

At that time, Emmer also claimed that the SEC chairman was in a better relationship with the FTX exchange and he was giving special freedom to FTX over other crypto companies. 

The US congressman also said that many good actors and companies in the crypto sector are facing regulatory hammer & investigation because of the bad regulatory approach.

Emmer dragged media platforms also for their indirect support to show the portrayal of SBF in a good way. In particular, he indirectly criticised the New York Times, which took the SBF interview after the collapse of the FTX exchange.

Read also: Amazon Prime Video to produce a Web Series on FTX Bankruptcy