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SEC’s actions against crypto firms being questioned by US Congressman

Tom Emmer, the Republican Congressman from Minnesota, became the latest politician to criticize the SEC’s actions and described it as a power-hungry regulator that threatened players in the digital assets industry.

Image by: Securities and Exchange Commission / Flickr

Sat, 23 Jul 2022, 06:18 am UTC

A number of U.S. lawmakers have expressed concern about some of the actions taken by the Securities and Exchange Commission against crypto firms. Tom Emmer, the Republican Congressman from Minnesota, became the latest politician to criticize the SEC’s actions and described it as a power-hungry regulator that threatened players in the digital assets industry.

“Time and time again, you placed the cause of blame for this erosion of trust almost squarely on the shoulders of industry participants and companies,” Emmer told SEC Enforcement Director Gurbir Grewal at the House Committee on Financial Services hearing. “Mr. Grewal, the SEC is in no way blameless here. Chair Gensler’s political regime at the SEC carried out by its division of enforcement has been characterized by a focus on using enforcement to expand SEC jurisdiction at the expense of public resources, public investment in our country, and public trust in our markets.”

“It seems clear to everyone, except maybe those at the Commission, that the SEC is not regulating in good faith,” he added. “Although many sectors in the industry have grappled with the SEC’s politicization of regulation over the last 14 months, it can be seen most clearly when it comes to the digital assets industry.”

Emmer asked Grewal if SEC’s “industry sweeps” against crypto firms fall within its jurisdiction and the regulator’s actions against firms that don’t volunteer for such questioning. As the SEC director admitted to imposing enforcement actions against firms not under its jurisdiction, the lawmaker accused the SEC of unconstitutionally expanding its crypto jurisdiction via its Enforcement branch, according to Cointelegraph.

“Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to ‘come in and talk’ to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation,” Congressman Emmer added.

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