US congressman says SEC boss Gensler completely missing the truly bad actors

Tom Emmer slammed Gary Gensler’s blind crypto regulatory approach.

Gary Gensler is Chairman of the United States Securities and Exchange Commission (SEC). In Q2 2021, Gensler joined the SEC agency. Under the leadership of Gensler, the SEC agency took enforcement action against several successful crypto companies. In the latest, the SEC agency sent a Wells notice to the highly regulated & publicly listed American Coinbase exchange over the nature of crypto staking services & some particular crypto assets trading on Coinbase. 

On 7 April 2023, crypto-friendly US congressman Tom Emmer appeared on the Unchained podcast. In the podcast, Emmer said that the SEC chairman is a bad faith regulator in his mind and also claimed that the SEC agency is failing to take enforcement action against bad actors in this sector.

“This guy in my mind is a bad-faith regulator. He’s been blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors,” Emmer said.

Further, Emmer took the example of the Coinbase exchange and noted that the Coinbase team reached out to the SEC agency several times, to remain in compliance with the regulatory system, but the SEC agency failed to provide any feedback.

Kraken vs SEC 

Over the SEC’s crypto regulatory approach, Coinbase CEO Brian Armstrong showed his disappointment and said that it is very difficult to deal with the SEC body.

In Feb of this year, Kraken faced enforcement action over crypto staking services. Because of the bad financial position, the Kraken team decided to settle the case with the SEC agency & paid a $30 million fine. 

At that time Kraken CEO Jesse Powell also passed a similar kind of statement over the SEC’s crypto regulatory approach and confirmed that it is not easy to deal with the SEC body. 

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