In a recent congressional session, Minnesota Representative Tom Emmer openly criticized the Biden Administration and SEC Chair Gary Gensler, as the U.S. House greenlit his amendment to control SEC enforcement abuses against the digital asset industry. This occurred as Gensler expressed willingness to the revival of the defunct crypto exchange FTX, contingent on legal compliance.
Emmer’s critique coincided with Gensler’s address at the annual DC Fintech Week conference. Emmer accused Gensler of applying “regulation by enforcement” and curbing American innovation and capital formation.
The amendment proposed by Emmer aims to stop the SEC from using funds for enforcement activities related to digital asset transactions until Congress legislates jurisdiction over this asset class to the SEC.
Emmer accused the SEC of overstepping its authority, declaring that the SEC does not have jurisdiction from Congress over digital assets and has tried to demolish the digital assets industry through regulation by enforcement.
Emmer’s amendment serves as a reminder to all federal regulatory agencies that Congress will hold unelected bureaucrats accountable. Meanwhile, the SEC Chair was engaged in a conversation with a CNBC reporter, acknowledging the possibility that the collapsed FTX could be revived under former New York Stock Exchange President Tom Farley.
Farley’s crypto exchange Bullish, Figure Technologies, and Proof Group are the top contenders vying for FTX’s remaining assets in a bankruptcy auction, as reported by the Washington Post.
Gensler advised the potential future owners of the FTX brand to build investor trust, ensure proper disclosures, and refrain from trading against their customers or using their crypto assets for personal gains.
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