Gary Gensler Faces Criticism in U.S. Congress
On September 24, SEC Chair Gary Gensler appeared before the U.S. Congress, where he faced sharp criticism from several lawmakers and even some of his colleagues. A particularly pointed remark came from Tom Emmer, who called Gensler the most destructive chairman in SEC history.
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On September 24, SEC Chair Gary Gensler appeared before the U.S. Congress, where he faced sharp criticism from several lawmakers and even some of his colleagues. A particularly pointed remark came from Tom Emmer, who called Gensler the most destructive chairman in SEC history.
Emmer pointed to the SEC's case against Debt Box, in which the Commission lost and had to pay $1.8 million in fees. He claimed that under Gensler's direction, SEC attorneys falsified information about the project to file a lawsuit and support his anti-crypto agenda.
Your inconsistencies on this issue have set this country back. We could not have had a more historically destructive or lawless chairman of the SEC,
Emmer added.
Even SEC Commissioner Hester Peirce criticized the agency's actions. She acknowledged that the Commission should have abandoned its “crypto = security” stance long ago, but only did so last week. Peirce also expressed support for a potential Congressional initiative to create a specific regulatory framework for cryptocurrencies and offered the SEC's assistance.
Additionally, lawmakers discussed repealing SAB No. 121, which requires organizations to account for digital assets as liabilities. Gensler defended the bulletin as a crucial risk management tool, despite its potential to stifle competition. Previously, President Biden vetoed a proposal to repeal this bulletin.
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