{"id":5833,"date":"2022-07-22T07:31:17","date_gmt":"2022-07-22T07:31:17","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=5833"},"modified":"2022-07-22T07:31:18","modified_gmt":"2022-07-22T07:31:18","slug":"us-lawmaker-slams-sec-for-not-regulating-in-good-faith-under-chair-gensler-sec-has-become-power-hungry","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5833","title":{"rendered":"US Lawmaker Slams SEC for Not Regulating in Good Faith \u2014 &#8216;Under Chair Gensler, SEC Has Become Power-Hungry&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>A U.S. congressman has slammed the Securities and Exchange Commission (SEC) and Chair Gary Gensler for cracking down on companies outside the SEC\u2019s jurisdiction. The SEC \u201cis not regulating in good faith,\u201d he said, adding that \u201cUnder Chair Gensler, the SEC has become a power-hungry regulator.\u201d<\/strong><\/p>\n<h2>Rep. Emmer Slams SEC and Chair Gensler<\/h2>\n<p>The director of the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), Gurbir Grewal, testified Tuesday before the U.S. House of Representatives Committee Financial Services\u2019 subcommittee on Investor Protection, Entrepreneurship, and Capital Markets.<\/p>\n<p>During the hearing, U.S. Congressman Tom Emmer (R-MN) stated that Grewal has repeatedly blamed \u201cthe erosion of trust almost squarely on the shoulders of industry participants and companies.\u201d<\/p>\n<p>The congressman added: \u201cThe SEC is in no way blameless here. Chair Gensler\u2019s political regime at the SEC, carried out by its Division of Enforcement, has been characterized by a focus on using enforcement to expand SEC jurisdiction at the expense of public resources, public investment in our country, and public trust in our markets.\u201d He continued:<\/p>\n<p>It seems clear to everyone, except maybe those at the Commission, that the SEC is not regulating in good faith.<\/p>\n<p>\u201cAlthough many sectors of the industry have grappled with the SEC\u2019s politicization of regulation over the last 14 months, it can be seen most clearly when it comes to the digital asset industry,\u201d he emphasized.<\/p>\n<p>Emmer tweeted Tuesday after the hearing:<\/p>\n<p>The SEC Director of Enforcement admits the SEC is cracking down on companies outside its jurisdiction. Absolutely unacceptable.<\/p>\n<p>The congressman from Minnesota stressed in another tweet:<\/p>\n<p>Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to \u2018come in and talk\u2019 to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation.<\/p>\n<p>In an interview with Bloomberg Tuesday, Chair Gensler explained that \u201cthere\u2019s a lot of noncompliance\u201d in the crypto space.<\/p>\n<p>The SEC chief noted that \u201cright now there are far too many\u201d of these trading and lending platforms that have to come in and comply with the laws and get registered. Last week, Gensler explained what investors can expect from the SEC on the crypto regulatory front.<\/p>\n<p><em><strong>What do you think about the comments by U.S. Congressman Tom Emmer regarding the SEC and Chair Gensler\u2019s way of regulating the crypto sector? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-lawmaker-slams-sec-for-not-regulating-in-good-faith-under-chair-gensler-sec-has-become-power-hungry\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A U.S. congressman has slammed the Securities and Exchange Commission (SEC) and Chair Gary Gensler for cracking down on companies outside the SEC\u2019s jurisdiction. The SEC \u201cis not regulating in good faith,\u201d he said, adding that \u201cUnder Chair Gensler, the SEC has become a power-hungry regulator.\u201d Rep. Emmer Slams SEC and Chair Gensler The director [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5833"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5833\/revisions"}],"predecessor-version":[{"id":5835,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5833\/revisions\/5835"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5834"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}