More Voices Join Call for Regulatory Reform

Advocates for crypto in Congress are taking advantage of the momentum for regulatory reform that comes in the wake of the $32 billion FTX collapse. Last week Sen. Cynthia Lummis, R-WY, called on the new senate to take up her crypto regulatory reform measure, and now Minnesota Rep. Tom Emmer is using his bully pulpit to call out US Securities and Exchange Commission Chairman Gary Gensler, saying Gensler needs to explain his approach to regulating crypto to the legislative body.

“@GaryGensler must testify before Congress and answer questions about the cost of his regulatory failures,” he wrote in a thread on Twitter.

“.@GaryGensler must testify before Congress and answer questions about the cost of his regulatory failures.”

— Tom Emmer (@RepTomEmmer) December 9, 2022

Emmer says the SEC had failed to gather the information needed from crypto companies that would have prevented disasters like the $32 billion dollar collapse of cryptocurrency exchange FTX.

“We now know Gensler's crypto information-gathering efforts were ineffective,” he stated.

He argued that the SEC has displayed a consistent lack of clarity regarding its approach and has been unwilling to provide useful insight. He referenced a letter sent to Gensler in March that asked specific questions about the financial watchdog’s policies and procedures—questions he said were sidestepped in Gensler's response.