- Rep. Tom Emmer blasted the SEC regarding questionable probes to US-based crypto companies.
- Emmer tagged SEC Chair Gary Gensler for the inquiries that were “stifling innovation”.
- US President Joe Biden earlier signed a crypto-friendly executive order.
Minnesota Congressman Tom Emmer took his thoughts to Twitter concerning the US Securities and Exchange Commission’s (SEC) probe on crypto companies. According to Rep. Emmer, SEC’s actions were “overburdensome” and “don’t feel particularly voluntary”. Moreover, they are “stifling innovation”.
Rep. Emmer singled out SEC Chair Gary Gensler for the seemingly-unlawful probing measures on crypto companies based in the US. He added that the inquiries should not go against the Paperwork Reduction Act.
What is more, Emmer co-wrote a letter with other congressmen, which was addressed to Gensler. The letter stated the questionable jurisdiction of the SEC in forcing crypto firms to disclose some information regarding their respective businesses.
The letter also asked up to 13 questions to the SEC so that they may understand the reason for such “unnecessary or duplicative” inquiries.
Emmer said in another tweet:
“Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. We will ensure our regulators do not kill American innovation and opportunities.”
The post garnered the attention of Atty. John Deaton, Founder of Crypto Law. Deaton invited Emmer to collaborate so that they will be able to come up with appropriate action.
Meanwhile, US President Joe Biden signed an executive order (EO) earlier this month that urged the country to take a progressive stance regarding cryptocurrencies. The EO assures that the US will now be leaning toward promoting innovative plans for crypto. At the same time, the country will minimize financial risks to Americans and the rest of the world.
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