The US Congress has accused SEC of “unethical” to the crypto industry

The United States Securities and Exchange Commission (SEC) prevents the regulation of the cryptocurrency industry and acts unethical in relation to its participants. This was stated by a member of the House of Representatives of Tom Emmer.

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.

– Tom Emmer (@reptomemmer) July 19, 2022

During the Assembly of the Committee for the Lower Chamber of the US Congress, the Emmer Congress accused the commission of politicizing the rules. In his opinion, the chairman of the department Gary Gensler chose the tactics of bullying and threats.

“Under SEC Henser, it has become a regulatory authority, which politicizing law enforcement, forcing the company to“ come and speak ”with a commission, and then applying forced measures, preventing conscientious cooperation to them,” the politician emphasized.

Emmer asked the director of the SEC Gurbra’s law enforcement, whether such checks were included in the authority of the agency and what threatens companies to refuse dialogue.

The representative of the department admitted to forced measures against organizations that are not under the jurisdiction of the commission. Emmmer called the actions of the regulator “absolutely unacceptable”. In his opinion, the department uses unscrupulous methods when https://gagarin.news/ it comes to digital assets.

Congressman Brad Sherman, who previously urged to ban the purchase of cryptocurrencies and mining, also criticized the SEC for its approach to the industry participants. He recalled that the regulator was charged Ripple on the sale of unregistered securities in the form of XRP, not trading platforms.

Hensler headed the department in April 2021. Over the next few months, he called on the Congress to clarify the regulation of the crypto industry and warned of increasing the supervision of stablecoins and Defi.

In September, SEC warned Coinbase about the possible court persecution in the event of launching crypto -saving accounts based on USDC. Subsequently, the company abandoned its plans.

In the summer of 2021, Blockfi was faced with claims of financial regulators at the state level. Bloomberg later reported that the investigation against the company initiated SEC.

In February 2022, it became known that the cryptolending platform will pay $ 100 million fines as part of the settlement of the case.

In the same month, the commission excluded the lack of sanctions for companies that will voluntarily go under the supervision of the department.

Recall that in June, the head of Ripple Brad Garlinghaus accused SEC of using a forced approach instead of working on clear regulation for the industry.

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