US Congressman Tom Emmer Said SEC Chairman Gary Gensler is not “protecting” anyone with his “regulation by enforcement” strategy.
Instead, Emmer believes the policy is hurting “everyday Americans.”
“When can we expect proactive guidance through ex-post enforcement actions rather than leaving the industry to interpret the rules of the road?”
Lawmakers were responding to the SEC’s Earn product charges against cryptocurrency companies Genesis and Gemini. According to regulators, the product was an unregistered offering and sale of securities.
Gemini co-founder says SEC action is counterproductive
Gemini co-founder Tyler Winklevoss murmured On Jan. 13, he said he was disappointed by the SEC’s accusations and that their actions were “counterproductive.”
Winklevoss said the Earn program was regulated by the New York Department of Financial Services.
On top of that, the exchange has been in talks with the SEC about the product for over 17 months and didn’t raise the issue until Genesis suspended withdrawals.
Winklevoss said the SEC is optimizing its political claims, describing the charges as “fake parking violations.”
SEC Latest Indictment Raises Outrage In Crypto Community
Meanwhile, some cryptocurrency insiders have criticized the financial watchdog’s move, with many calling it regulation by enforcement tactics.
MetaCartel Ventures DAO partner Adam Cochran said: claimed Unless Chairman Gensler is removed, the Commission will continue with its current tactics.
According to Cochrane, “the only way [crypto] Victory is calling it out, fighting back, and establishing a precedent in court that can overthrow him. ”
Messari founder Ryan Serkis described the chairman of financial regulators as a “cop with a twisted beat.”Serkis Said Under Gensler, the SEC failed to protect investors, promote capital information, and ensure markets were fair and efficient.
“Gensler attacked Coinbase, got used to SBF (the biggest scam since Madoff), spit in the face of retail investors by rejecting spot ETFs, and paid more attention to bankrupt entities and the Kardashians than to solve their problems. We spent a lot of time fined.”
Matthew Liu, co-founder of Origin Protocol Said Gensler was “enthusiastic about enforcing antiquated securities laws that didn’t make sense.”
meanwhile some others It pointed out The SEC tends to prosecute after investors may have lost their money.