Democratic Representative Tom Emmer called SEC Chairman Gary Gensler a “bad faith regulator”

In response to Gary Gensler’s claim that he has an “open door policy,” the crypto-friendly lawmaker said, “He might have an open door, but it is an enter-at-your-own-risk door.”

Congressman Tom Emmer, who is sympathetic to the cryptocurrency industry, has called U.S. Securities and Exchange Commission (SEC) chief Gary Gensler a “bad faith regulator” for his stance on crypto regulation.

Emmer didn’t hold back when he questioned Gensler’s crypto sector monitoring during an interview on Laura Shin’s Unchained podcast on April 7:

“In my opinion, he is a regulator who acts in bad faith. He has been randomly targeting members of the crypto community with enforcement measures while ignoring the real villains.”

Emmer used Coinbase as an example of a company that was seeking to collaborate with the SEC before receiving a Wells Notice in March by, among other things, requesting comments on whether or not its staking products were compliant.

Since taking office in April 2021, Gensler has encouraged crypto companies to register with the SEC in order to remain in compliance with securities law and has claimed that the agency has a welcoming “open door policy.”

This is because, unlike most others, he believes that all cryptocurrencies other than Bitcoin (BTC) should be regulated by the Securities and Exchange Commission (SEC).

Still, prominent people like Kraken’s CEO Jesse Powell and Coinbase’s own CEO Brian Armstrong have stressed the challenge of working with the SEC.

Many in the cryptocurrency industry are concerned about the SEC and the United States government’s apparent anti-crypto centred “regulation by enforcement” attitude.

Emmer offered his last thoughts on the matter by saying: “I think it sends a strong message to the larger crypto community that “Gary Gensler is not regulating in good faith,” and that this is not the way the government should be serving Americans.”

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