Gary Gensler was criticized in a congressional hearing as the most "destructive" chairman of the SEC

2024-09-25 10:50:46

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ChainCatcher news, according to Cointelegraph, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler faced severe criticism from Congressman Tom Emmer and others during a hearing of the House Financial Services Committee. Emmer described Gensler as the most "destructive" and "lawless" chairman in the SEC's 90-year history, accusing him of inventing the term "crypto asset security" while failing to provide any regulatory guidance for digital assets.

Emmer stated, "The term crypto asset security is one you made up. This term is nowhere to be found in the regulations; you invented it and you have never provided any explanatory guidance on how to define crypto asset security within the walls of the SEC."

The term crypto asset security has been the entire basis for Gensler's "enforcement campaign" against the crypto industry over the past three years. Until last week, SEC lawyers retracted this term in a court footnote.

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