Rep. Tom Emmer, a Republican congressman representing Minnesota, has accused the Securities and Exchange Commission (SEC) of deliberately obfuscating crypto regulations and questioned Chairman Gary Gensler’s personal agenda.
In a statement released on Wednesday, Emmer said that the SEC’s “lack of clarity and inconsistent application of the law is stifling innovation and causing uncertainty in the cryptocurrency market.”
“The SEC is not adhering to the law,” Emmer said. “They are making it up as they go along, and it’s time for them to be held accountable.”
Emmer’s comments come in response to a recent speech by Gensler in which he said that the SEC is “cracking down” on cryptocurrency companies that are not complying with the law.
“The SEC is focused on ensuring that the cryptocurrency market is fair, orderly, and transparent,” Gensler said. “We will not hesitate to take action against companies that are breaking the law.”
Emmer is not the only lawmaker who is critical of the SEC’s approach to cryptocurrency regulation. In a recent letter to Gensler, Sen. Pat Toomey, a Republican from Pennsylvania, said that the SEC’s “vague and inconsistent regulatory approach” is harming the cryptocurrency industry.
“The SEC’s approach to cryptocurrency regulation has been a disaster,” Toomey said. “The SEC has failed to provide clear rules for the industry, and it has been picking winners and losers.”
The SEC has been under increasing pressure from Congress to clarify its position on cryptocurrency regulation. In May, the House Financial Services Committee held a hearing on cryptocurrency regulation, and Gensler was grilled by lawmakers about the SEC’s approach.
The SEC has not yet responded to Emmer’s comments.
Emmer’s comments are likely to fuel the debate over cryptocurrency regulation in the United States. The debate is likely to continue in the coming months as Congress considers legislation to regulate the cryptocurrency industry.