U.S. Congress accuses head of SEC of failing to regulate crypto industry

As it turns out, member of the House of Representatives Tom Emmer made negative remarks about the chairman of the U.S. Securities and Exchange Commission Gary Gensler. According to Emmer, the SEC head should testify to Congress about his approach to cryptocurrency regulation.

According to Emmer, the regulator did not sufficiently collect information from cryptocurrency companies, which subsequently did not prevent such a problem as the FTX crash.

Presumably, there was a lack of clarity in the agency’s approach to regulating the industry. It was also a problem with the supply of important information. In his petition, Tom Emmer referred to a letter received by the head of the SEC back in March. It touched on questions about the supervisor’s policies and procedures.

As Emmer points out, he received a denial from Gary Gensler in obtaining the requested data, which could have informed Congress about specific lapses in Gensler’s approach that caused him to overlook the Terra/LUNA, Celsius, Voyager and FTX collapses.

The congressman also noted that investors are being affected by the lack of transparency in the SEC chairman’s actions. Gary Gensler has not publicly testified before the House Finance Committee since October 2021. At the same time, members of the House learned about all of the agency’s investigations from the media.

To remind, Emmer had previously accused the SEC of “unethical attitudes” towards the industry and highlighted Gensler’s tactics of harassment and threats.