{"id":525441,"date":"2022-12-12T09:09:27","date_gmt":"2022-12-12T06:09:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-senator-calls-on-secs-gensler-to-answer-for-regulatory-failures\/"},"modified":"2022-12-12T09:09:27","modified_gmt":"2022-12-12T06:09:27","slug":"us-senator-calls-on-secs-gensler-to-answer-for-regulatory-failures","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-senator-calls-on-secs-gensler-to-answer-for-regulatory-failures\/","title":{"rendered":"# US senator calls on SEC&#8217;s Gensler to answer for &#8216;regulatory failures&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a86583d0c3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a86583d0c3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-senator-calls-on-secs-gensler-to-answer-for-regulatory-failures\/#%E2%80%9D_US_senator_calls_on_SECs_Gensler_to_answer_for_%E2%80%98regulatory_failures_%E2%80%9C\" >&#8221; US senator calls on SEC&#8217;s Gensler to answer for &#8216;regulatory failures&#8217; &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_senator_calls_on_SECs_Gensler_to_answer_for_%E2%80%98regulatory_failures_%E2%80%9C\"><\/span>&#8221; US senator calls on SEC&#8217;s Gensler to answer for &#8216;regulatory failures&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvM2M1ZmYxM2ItM2IzYS00NmYzLTk5YWYtMjAxOTMwZjJjZDU5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Minnesota Senator Tom Emmer has slammed United States Securities Exchange Commission (SEC) Chairman Gary Gensler for his flawed \u201ccrypto information-gathering efforts\u201d and insisted Gensler should <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear before Congress to explain the cost of his \u201cregulatory failures.\u201d<\/p>\n<p>Emmer\u2019s comments came from a Dec. 10 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepTomEmmer\/status\/1601334545705750532?s=20&amp;t=_gaQq6jWiS_oaS4-RFkY1Q\">tweet<\/a> to his 67,500 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers, where he made reference to a bipartisan Blockchain Caucus letter he co-authored to the SEC Chairman on Mar. 16.<\/p>\n<p>Emmer said, \u201cwe now know Gensler&#8217;s crypto information-gathering efforts were ineffective\u201d citing the collapses of the Terra ecosystem and bankrupt crypto platforms Celsius, Voyager and FTX.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">He declined to provide Congress with the information requested in the letter, which would&#8217;ve informed Congress of the apparent inconsistencies in Gensler&#8217;s approach that caused him to miss Terra\/Luna, Celsius, Voyager, and FTX.<\/p>\n<p>\u2014 Tom Emmer (@RepTomEmmer) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepTomEmmer\/status\/1601334550239404034?ref_src=twsrc%5Etfw\">December 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\u201c[Gensler] must testify before Congress and answer questions about the cost of his regulatory failures,\u201d the Senator added.<\/p>\n<p>He pointed out Gensler hasn\u2019t made an appearance before the House Committee on Financial Services since Oct. 5. 2021 which left crypto media to fill the void for the SEC\u2019s investigative failures according to Emmer.<\/p>\n<p>Writers of the March Blockchain Caucus letter stated the SEC\u2019s efforts in sourcing information from crypto companies were not \u201ctargeted, intentional, or clear\u201d but rather \u201chaphazard and unfocused.\u201d<\/p>\n<p>Emmer argued Gensler\u2019s response \u2014 which came two months later \u2014 sidestepped several questions that inquired into the methods and processes the SEC would adopt in providing oversight to the digital asset industry. <\/p>\n<p>\u201cInstead, Gensler decided to explain to Congress the roles of the SEC\u2019s Enforcement and Examination Divisions,\u201d Emmer stated.<\/p>\n<p>Emmer has previously expressed criticism toward the\u00a0financial watchdog\u2019s crypto oversight strategy.<\/p>\n<p>\u201cCongress shouldn\u2019t have to learn the details about the SEC\u2019s oversight agenda through planted stories in progressive publications,\u201d he stated on Nov. 26. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Republican lawmaker claims SEC chair was coordinating with FTX \u2018to obtain regulatory monopoly\u2019<\/em><\/strong><\/p>\n<p>A few days earlier on Nov. 23, Emmer tweeted Gary Gensler\u2019s lack of leadership was a contributor to FTX\u2019s catastrophic collapse which took effect in early November.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">FTX&#8217;s collapse is not a crypto failure. It&#8217;s a failure with CeFi, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GaryGensler?ref_src=twsrc%5Etfw\">@GaryGensler<\/a>, and Sam Bankman-Fried. Decentralization is the point. Watch below for more thoughts  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/VYacafc0ZD\">pic.twitter.com\/VYacafc0ZD<\/a><\/p>\n<p>\u2014 Tom Emmer (@RepTomEmmer) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepTomEmmer\/status\/1595148698170032128?ref_src=twsrc%5Etfw\">November 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Much of Gensler and the SEC\u2019s efforts over the past years were focused on determining if cryptocurrencies fall within the definition of the Howey test and thus are subject to U.S. securities laws, most notably the ongoing Ripple case with its XRP (XRP) token <\/p>\n<p>Emmer has long been a proponent of cryptocurrencies as a financial asset as far back as 2020 and takes a view that the U.S. government should clear the way to ensure that it doesn\u2019t stifle innovation in the crypto industry.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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