SEC Chair Gensler Accused of Crypto Betrayal: Explosive Reveal

1. Congressman Emmer slams SEC’s Gensler as bad faith regulator.
2. Accuses Gensler of misleading open door policy for crypto firms.
3. SEC’s ‘regulation by enforcement’ approach under fire.

In a recent turn of events, outspoken crypto-friendly Congressman Tom Emmer has launched a scathing attack on U.S. Securities and Exchange Commission (SEC) chair Gary Gensler, accusing him of acting in bad faith with respect to cryptocurrency regulation. The revelations were made during Emmer’s April 7 appearance on the widely-followed Unchained podcast, hosted by renowned author and crypto journalist Laura Shin.

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Emmer pulled no punches as he openly questioned Gensler’s integrity and commitment to a fair and transparent oversight of the ever-growing cryptocurrency sector. He cited the example of popular cryptocurrency exchange Coinbase, which had been actively seeking guidance from the SEC for compliance feedback on staking products, among other matters.

However, despite numerous meetings spanning several months, Gensler’s SEC remained unresponsive, ultimately hitting Coinbase with a Wells Notice in March. Congressman Emmer argued, “Gary Gensler might have an open door, but it is an enter-at-your-own-risk door. He refuses to provide feedback, leaving crypto firms in the dark.”

Since assuming the role of SEC chair in April 2021, Gensler has repeatedly emphasized the agency’s supposedly amicable open door policy, urging crypto firms to register with the SEC to ensure compliance with securities law. However, the allegations made by Emmer cast doubt on the authenticity of this policy.

The ongoing controversy has further fueled the crypto community’s concerns over the SEC’s seemingly hostile ‘regulation by enforcement’ approach, which many view as detrimental to the growth and innovation of the cryptocurrency industry. With these new accusations coming to light, the relationship between regulators and the crypto community grows even more uncertain.

In other news, if his party, Pheu Thai, wins the upcoming general election in May, Thailand’s prime ministerial candidate Srettha Thavisin has pledged to provide each citizen with 10,000 Thai Baht (approximately $300) in digital currency.

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