On July 19, Representative Tom Emmer posted a video showing his conversation at the House Committee on Financial Services, where he alleged SEC are politicizing regulations. He went on to criticize SEC Director of Enforcement Gurbir Grewal for the SEC's "extreme sweep" of companies. crypto.
🚨The SEC Director of Enforcement admits the SEC is cracking down on companies outside its jurisdiction. Absolutely not. pic.twitter.com/wRQU54Ov6v— Tom Emmer (@RepTomEmmer) July 19, 2022
Mr. Tom Emmer questioned whether the crackdowns against companies cryptocurrency under the jurisdiction of the SEC and what actions the agency will take against many non-volunteer organizations.
Under pressure from Emmer, SEC Enforcement Director Gurbir Grewal admitted to using coercive actions against companies outside of their jurisdiction. Mr. Emmer then claimed that the SEC was using its Enforcement Division to expand its jurisdiction in the world of blockchain innocently. At the same time, he also accused SEC Chairman Garry Gensler of soliciting and repeatedly threatening the majority of crypto platforms in the market.
“Under Chairman Gary Gensler, the SEC has become a governing body that *gathers* power, politicizes enforcement, calls them to come and talk to the agency, but then punishes them with sanctions. enforcement action, preventing cooperation in good faith.”
As such, Mr. Emmer asserts that the behavior of the SEC is completely unacceptable and believes that the regulator is not optimally regulating, especially when it comes to the cryptocurrency market. Additionally, Congressman Brad Sherman, who previously called for a crypto ban in the US, also blamed the SEC for their enforcement approach against many major crypto exchanges.
This is the second time that US lawmakers have spoken out against the SEC's approach to crypto, the previous time being in March 2022. However, perhaps despite such contributions, the SEC is still very adamant with its tough action. Elected in May 2022, the SEC said it would nearly double the size of its “surveillance force” of cryptocurrencies.
The strictness of the SEC has been proven quite clearly in 2021, Gary Gensler has twice stated that he wants to “purge” crypto companies. To concretize this stance, the SEC has conducted an investigation of the floor DEX the world's largest Uniswap, eliminate Coinbase from the ambition to launch a crypto lending product, constantly "touching" the field DeFi and propose to ask the exchanges cryptocurrency Larger companies must register with the SEC as a stock exchange.
Next to the beginning of 2022, the SEC Chairman continues to confuse investors with his determined attitude that will put more pressure on most of the popular exchanges today, because he thinks that the crypto market is getting worse. dominated "terrible" by underground forces. The proof is the giant's US branch Binance – Binance.US and CEO Changpeng Zhao have been investigated by the SEC for market manipulation. To the whole field NFT was also targeted by the SEC.