The chairman of the Securities and Exchange Commission (SEC), Gary Gensler, has been urged by U.S. Congressman Tom Emmer to appear before Congress and “answer questions about the cost of his regulatory failures.” Gensler has frequently sidestepped Congress at the expense of investors, the legislator emphasized, forcing us to learn about the SEC’s cryptocurrency investigations, like the one into FTX, through the media.
Lawmaker Requests SEC Chair Gensler’s Testimony on Cryptocurrency Regulation
Congressman Tom Emmer (R-MN) of the United States wants Gary Gensler, the head of the Securities and Exchange Commission (SEC), to appear before Congress regarding his shortcomings, notably in overseeing the cryptocurrency industry.
Investors have suffered as a result of Gensler’s repeated attempts to avoid Congress. As a result, we only know about the SEC’s crypto-related investigations, like the one into FTX, through the media.
In a different tweet, Emmer—the head of the Congressional Blockchain Caucus—stated that his team had “received info from several sources… that Gary Gensler’s efforts to gather information on crypto companies were not targeted, intentional, or clear; rather, the SEC’s requests were haphazard and unfocused.”
Rep. Emmer clarified that he had previously written to Gensler to inquire about the securities watchdog’s plans to oversee the cryptocurrency industry.
The SEC chairman, according to him, “declined to give Congress with the information requested in the letter, which would’ve alerted Congress of the apparent anomalies in Gensler’s approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.”
Gary Gensler must testify before Congress and respond to inquiries regarding the financial impact of his regulatory mistakes.