House Majority Whip Tom Emmer criticized SEC Chairman Gary Gensler during a recent appearance on the Unchained Podcast with Laura Shin, accusing him of being a "bad faith regulator" who is hampering the growth of the cryptocurrency industry in the United States.
Emmer argued that Gensler has been "blindly spraying the crypto community with enforcement actions" while ignoring the true bad actors in the space.
The Congressman vowed to "continue to raise the siren of hypocrisy" and work with nonpartisan colleagues like Representatives Ro Khanna, Darren Soto and Ritchie Torres to support the growth of the digital asset and cryptocurrency community.
Emmer contrasted the SEC's approach with that of the CFTC, which recently sued Binance for allegedly offering unregistered crypto derivatives products to U.S. customers.The Republican Congressman considered this enforcement action an appropriate use of the agency's authority, unlike Gensler's dealings with companies like Coinbase.
The top Republican recounted that, despite multiple meetings over several months, the SEC refused to provide feedback on a product Coinbase was considering listing, only to later issue a Wells notice on the same issues for which the company sought guidance.
Emmer concluded by saying that cryptocurrency will thrive with or without the United States but lamented the polarization of the technology by the current administration and "unelected bureaucrats."
He suggested that the regulatory actions being pursued only serve to limit U.S. economic development and opportunities for Americans, which could negatively impact the nation's standing in the global economy.