SEC Chair Gary Gensler has taken heat from lawmakers and members of his own agency during a House Financial Services Committee hearing over his handling of crypto regulation in the United States.
United States Congressman Tom Emmer slammed SEC Chair Gary Gensler as the most “destructive” and “lawless” Chair in the regulator’s 90-year history, calling him out for making up the term “crypto asset security” without ever providing any regulatory guidance for digital assets.
“You've made up the term crypto asset security. This term is nowhere to be found in statute, you made it up [and] you never provided any interpretive guidance on how crypto asset security might be defined within the walls of your SEC,” Emmer told Gensler before a House Financial Services Committee hearing on Sept. 24.
Emmer said the term had served as the entire basis for Gensler’s “enforcement crusade” against the crypto industry for the last three years. This was up until last week when SEC lawyers retracted the term in a court footnote.
