Rep. Tom Emmer ripped into SEC Chair Gary Gensler during a recent House Financial Services Committee hearing calling him the “most destructive, lawless SEC chair in history.”
The Minnesota congressman accused Gensler of mishandling the cryptocurrency industry and using what he calls “regulation by harassment” as his go-to tactic.
Emmer claims the SEC has created an environment where it’s almost impossible for crypto companies to access financial services, forcing them to seek more favorable conditions abroad.
He mentioned how the companies are now looking to places like China, where the regulations aren’t as hostile.
He pointed out that since Gensler took over, the SEC has finalized about 55 rules related to crypto.
According to Emmer, none of these have helped blockchain companies comply with regulations, and instead, they have stifled the industry.
