• U.S Congressman Tom Emmer highlighted SEC Chair Gary Gensler’s unfair approach towards crypto regulation.
• He believes that Gensler regulates the crypto industry in bad faith and has been blindly spraying the crypto community with enforcement actions while missing out on true bad actors.
• Emmer cited the SEC’s treatment of Coinbase to emphasize Gensler’s unfair treatment of businesses operating in the crypto space.
U.S Congressman Highlights Unfair Crypto Regulation
U.S Congressman Tom Emmer spoke on an „Unchained“ podcast about the current state of crypto regulation in the United States and the SEC’s approach to the industry. He believes that Gary Gensler, Chairman of the Securities and Exchange Commission, is a “bad faith regulator” who enforces regulation on the entire crypto industry instead of targeting individual bad actors.
SEC Refuses To Provide Guidance & Feedback
Emmer claims that despite holding several meetings with Coinbase to discuss their Earn product, the regulator refused to provide feedback and instead issued a Wells Notice upon their attempts towards regulatory compliance. This behavior sends a clear message to members of the border crypto community – that Chairman Gensler is not regulating in good faith.
Enforcement Actions Send Negative Message
The enforcement actions taken against members of this community are sending a negative message – one which implies that rather than addressing specific bad actors, Gensler is targeting everyone who operates within this sector indiscriminately. Furthermore, this approach discourages businesses from attempting regulatory compliance as they are uncertain what action will be taken against them by regulators if they do so.
Call For Good Faith Regulation
Congressman Emmer calls for a more open and honest approach to cryptocurrency regulation by advocating for good-faith regulations which target specific issues or individuals rather than punishing companies for attempting to comply with existing rules and regulations set out by authorities like The Securities and Exchange Commission (SEC).
Conclusion
Congressman Tom Emmer has expressed his dissatisfaction with how Gary Gensler currently approaches regulating cryptocurrencies – claiming he is acting in ‘bad faith’ by punishing companies unfairly when they attempt at regulatory compliance rather than focusing on specific issues or individuals within this sector who may be engaging in illegal activities such as money laundering or fraudulence related matters