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A US Representative says the U.S. Securities and Exchange Commission (SEC) has become power hungry when it comes to regulating crypto assets.
In a recent Congressional meeting, Representative Tom Emmer of Minnesota says the SEC is unfairly cracking down on crypto firms that are not within its jurisdiction.
“Chair [Gary] Gensler’s political regime, carried out by its division of enforcement, has been characterized by a focus on using enforcement to expand SEC jurisdiction at the expense of [using] public resources, public investment in our country, and public trust in our markets.
It seems clear to everyone, except maybe those at the Commission, that the SEC is not regulating in good faith. Although many sectors of the industry have grappled with the SEC’s politicization of regulation over the last 14 months, it can be seen most clearly when it comes to the digital asset industry.”
?The SEC Director of Enforcement admits the SEC is cracking down on companies outside its jurisdiction. Absolutely unacceptable. pic.twitter.com/wRQU54Ov6v
— Tom Emmer (@RepTomEmmer) July 19, 2022
Emmer says the SEC is unconstitutionally expanding its role when it comes to digital assets by inviting companies outside its regulatory dominion to come to discuss policy with them only to ambush said firms with enforcement actions.
“The SEC is hellbent on expanding the size of its crypto enforcement division and using enforcement to unconstitutionally expand its jurisdiction.
Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to ‘come in and talk’ to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation.”