The US Securities and Exchange Commission (SEC) has come under fire from Congressman Tom Emmer for its handling of the cryptocurrency industry.
Speaking to journalist Laura Shin on the Unchained podcast, Emmer accused SEC Chairman Gary Gensler of creating an environment of regulatory uncertainty that is hindering the growth of the digital currency industry in the US.
Emmer claimed that Gensler is blindly implementing prohibitive measures against the industry, often ignoring the real criminals.
The congressman expressed concern that Gensler is disguising his destructive activities for the crypto industry under the guise of protecting the rule of law and respecting the interests of consumers.
Emmer cited the example of Coinbase, which received a warning from the SEC after requesting recommendations on launching a new crypto product.
The politician also criticized the government’s lack of understanding of the underlying blockchain technologies and the principles embedded in the cryptocurrency industry.
While SEC Chairman Gensler has claimed that existing securities laws cover most cryptocurrency activity, Emmer believes that the industry requires a more nuanced regulatory approach.