Member of US Congress Blames Gary Gensler for Crypto Settlement Failure

US Congressman Tom Emmer announced that Gary Gensler, who serves as chairman of the US Securities and Exchange Commission, should appear before the House of Representatives to explain his actions. According to Emmer, Gensler failed in his attempt to settle crypto assets.

Tom Emmer has a similar point of view as in the case of the head of the Ripple company, which is suing the SEC. According to Ripple CEO Brad Garlinghouse, the US Securities and Exchange Exchange shows unclear actions and their actions do not abound with logic. Tom Emmer, a member of the US Congress, put it the same way.

In addition, the member of the US House of Representatives believes that the SEC did not want to provide important information after the personal request indicated in the letter sent to Gary Gensler:

He declined to provide the information requested in the letter, which would have informed Congress of the apparent inconsistencies in Gensler's approach that caused him to miss[collapses]of Terra/LUNA, Celsius, Voyager and FTX. Instead, Gensler decided to explain to Congress the roles of the SEC's enforcement and review departments.

According to Tom Emmer, Gensler's actions are not only illogical, but also opaque. The actions of the chairman of the US Securities and Exchange Exchange are not only ineffective, but also harm American investors. He also noted the fact that the chairman of the SEC had not appeared before the House Finance Committee for a very long time. The last time he was there was last October.

It is not normal for members of Congress to learn about the actions and results of US Securities and Exchange Commission investigations through the media. Thus, the US House of Representatives sees that the SEC is not too much and are trying to cooperate with them and put them on the record before their actions.

Now we can conclude that the US Securities and Exchange Commission set against itself not only fans of cryptocurrency assets, but also members of Congress, which does not play into their hands in this situation. In general, the US House of Representatives regards the SEC case against Ripple as lost and invites him to their place to explain his actions and give an account.

Tom Emmer has previously accused the U.S. Securities and Exchange Commission of being unethical about the cryptocurrency space. According to him, Gary Gensler chose the tactics of harassment and threats, which does not meet high standards. It is noteworthy that Emmer previously called the FTX bankruptcy a failure of regulation of the cryptocurrency industry.

Ripple put up a good fight against the SEC

Gensler often receives criticism of himself because of the actions of the SEC. Not only the CEO of Ripple and a member of the US Congress spoke about the head of the US Securities and Exchange Commission, but also billionaire Mark Cuban. The latter also called the actions of the SEC illogical, and their rules for cryptocurrency businessmen and investors are fuzzy.

Litigation between the US Securities and Exchange Commission and Ripple began in December 2020. Then the SEC presented X to Ripple for conducting an ICO that had not been registered. After the case dragged on and lasted for 2 years, the process moved to the stage of summary proceedings. The judge in the case between the SEC and Ripple, Analisa Torres, will have to issue a final verdict by March 31, 2023.