As ecosystems collapse, Congressman Tom Emmer expressed concerns regarding the SEC chair’s crypto oversight strategy.
The massive decline of major exchanges and ecosystems over the past year — FTX, Celsius, Voyager, and Terra LUNA tickers down $1.59 — casts doubt on the effectiveness of crypto regulations in the United States, despite the fact that regulations frequently aim to safeguard citizens from undesirable actors.
Tom Emmer, a member of Congress, expressed concerns regarding Gary Gensler’s oversight strategy for the crypto ecosystem at the U.S. Securities and Exchange Commission (SEC).
Gensler’s “indiscriminate and inconsistent approach” to crypto oversight has been strongly criticized by Emmer. On March 16, the Congressman disclosed that a number of crypto and blockchain companies had approached him because they thought Gensler’s reporting requests were overly burdensome and stifled innovation.
The Paperwork Reduction Act of 1980 was enacted with the intention of reducing the total amount of paperwork that the federal government imposes on private businesses and citizens. Congressman Emmer had previously requested that the SEC adhere to the standards outlined in that legislation.
In conclusion, Emmer stated, “Congress shouldn’t have to learn the details about the SEC’s oversight agenda through planted stories in progressive publications,” and he expressed his anticipation of Gensler’s public testimony before the Financial Services Committee.
The first official DAO in the United States, American CryptoFed DAO, started a legal battle with the Securities and Exchange Commission (SEC) over the registration of tokens for 2021 and chose not to hire attorneys for the fight.
Additionally, American CryptoFed stated that it intends to move for an extension of the response deadline to the SEC’s Order Instituting Administrative Proceedings.