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US Lawmaker Slams SEC for Not Regulating in Good Faith — ‘Under Chair Gensler, SEC Has Become Power-Hungry’

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The US congressman criticized the Securities and Exchange Commission (SEC) and its chairman Gary Gensler for taking tough measures against companies that do not fall under the jurisdiction of the SEC. The SEC “does not regulate in good faith,” he said, adding that “under Gensler’s leadership, the SEC has become a power-hungry regulator.”

Representative Emmer Slams the Securities and Exchange Commission and Chairman Gensler

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U.S. Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal testified Tuesday before the Financial Services Subcommittee of the U.S. House of Representatives Committee on Investor Protection, Entrepreneurship and Capital Markets.

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During the hearing, U.S. Congressman Tom Emmer (R-MN) stated that Grewal had repeatedly blamed “the erosion of confidence almost entirely on the shoulders of industry participants and companies.”

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The congressman added, “The SEC is by no means flawless here. Chairman Gensler’s political regime on the Securities and Exchange Commission, administered by her Division of Enforcement, has been characterized by an emphasis on using enforcement to expand the SEC’s jurisdiction with public resources, public investment in our country, and public confidence in our markets.” He continued:

It seems clear to everyone, with the possible exception of the members of the Commission, that the SEC does not regulate in good faith.

“While many sectors of the industry have faced the politicization of SEC regulation over the past 14 months, this is most clearly seen when it comes to the digital asset industry,” he stressed.

Emmer tweeted on Tuesday after the hearing:

The SEC’s director of enforcement acknowledges that the SEC cracks down on companies outside of its jurisdiction. Absolutely unacceptable.

The congressman from Minnesota stressed in another tweet:

Under Chairman Gensler, the SEC has become a power-hungry regulator that politicizes enforcement by forcing companies to “come and talk” with the Commission and then taking enforcement action against them, preventing good faith cooperation.

In an interview with Bloomberg on Tuesday, Chairman Gensler explained that there are “many breaches” in the crypto space.

The head of the SEC noted that there are “too many now” of these trading and lending platforms that need to come in, comply with the laws and register. Last week, Gensler explained what investors can expect from the SEC in the field of crypto regulation.

What do you think of US Congressman Tom Emmer’s comments regarding how the SEC and Chairman Gensler regulate the crypto sector? Let us know in the comments below.

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