During an interview on the Unchained podcast, US Congressman Tom Emmer criticized the Securities and Exchange Commission (SEC) Chairman, Gary Gensler, for regulating the cryptocurrency industry in bad faith, according to Bitcoinist. Emmer accused Gensler of blindly cracking down on the industry while ignoring the real bad actors, and having an anti-crypto belief that is similar to billionaire Warren Buffet’s.
Emmer, who is known for his crypto-friendly stance and sponsorship of bills aimed at the growth of the industry, such as the Blockchain Regulatory Clarity Act (BRCA), believes that Gensler’s approach to the crypto space does not bode well for the US crypto market and should not be associated with the US government.
Emmer also called into question Gensler’s open-door policy for crypto businesses, stating that it is a mere facade, citing the SEC’s recent handling of Coinbase, a crypto exchange that Emmer describes as one of the most regulatory-compliant crypto companies. Coinbase had sought to list the Earn Product for its customers and had engaged with the SEC regarding this, but after several meetings during a number of months, the agency didn’t provide any feedback on the inquiry, but instead slammed the exchange with a Wells Notice.
Meanwhile, Ron Hammond, the Director of Government Relations at the Blockchain Association, has stated that the general public should expect significant progress in crypto legislation over the next few weeks, as Congress is expected to ramp up its crypto legislation efforts. Despite the regulatory uncertainties, the cryptocurrency market has a total market cap valued at over $1 trillion.
Apart from his stance on the cryptocurrency industry, Tom Emmer has been involved in various political and social issues throughout his career.
Emmer is a member of the Republican Party and has served as the US Representative for Minnesota’s 6th congressional district since 2015. Prior to that, he served three terms in the Minnesota House of Representatives.
During his time in Congress, Emmer has been involved in various committees and subcommittees, including the Financial Services Committee and the Joint Economic Committee. He has also been active in issues related to tax reform, healthcare, and small business development.