Gensler has made several public statements emphasizing the need for regulation of the digital asset industry to protect investors and maintain market integrity. He has also advocated for increased transparency around digital asset trading and for increased regulatory oversight of cryptocurrency exchanges. However, Gensler had not yet passed any specific regulations related to digital assets, although he had indicated his intention to do so.
On April 15, 2021, Majority Whip Tom Emmer (MN-06) questioned Securities and Exchange Commission (SEC) Chair Gary Gensler during a House Financial Services Committee hearing regarding the SEC’s regulation of the digital asset industry.
During the hearing, Emmer made a critical statement, referring to Gensler as an “incompetent cop on the beat” for his role in confusing the marketplace and pushing American firms straight into the hands of the Chinese Communist Party.
Emmer’s critical statement was prompted by concerns about the regulatory landscape for digital assets and the impact of SEC policies on the digital asset industry in the United States. Emmer cited the difficulty for digital asset businesses to access financial products and services in the US, and he suggested that the SEC may have played a role in creating this situation.
The transcript of the hearing shows that Emmer pressed Gensler for a “yes” or “no” answer to his questions, but Gensler responded that he had not been running one of the digital asset businesses in question and that compliance was necessary for businesses to access financial products and services.
Emmer reclaimed his time and stated that the answer was “yes,” implying that Gensler and the SEC had played a role in creating barriers to access for digital asset businesses.
Emmer’s statement is a strong criticism of Gensler’s leadership of the SEC and his policies on digital asset regulation. It suggests that Emmer believes that Gensler’s actions have harmed American businesses and pushed them towards China.
However, it is important to note that Emmer’s statement is a political opinion rather than a factual statement. While there may be valid concerns about the regulatory landscape for digital assets, it is up to each individual to evaluate the evidence and form their own opinions. Overall, Gensler record shows that he has not done anything to help the blockchain technology business to remain in the U.S.
