{"id":29841,"date":"2024-09-25T14:00:57","date_gmt":"2024-09-25T11:00:57","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29841"},"modified":"2024-09-25T11:13:25","modified_gmt":"2024-09-25T08:13:25","slug":"tom-emmer-criticizes-sec-chair-gary-gensler","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/tom-emmer-criticizes-sec-chair-gary-gensler\/","title":{"rendered":"Tom Emmer Criticizes SEC Chair Gary Gensler Over Crypto Regulation"},"content":{"rendered":"<p>Calling <strong>Gary Gensler<\/strong> the most &#8220;destructive&#8221; and &#8220;lawless&#8221; chair in SEC history, U.S. Congressman Tom <strong>Emmer<\/strong> attacked him during a Sept. 24 House Financial Services Committee hearing. Emmer attacked Gensler for coining the term crypto asset security, charging him with basing his harsh enforcement against the crypto sector on it. Emmer underlined that Gensler never gave clear direction on the meaning and that no legislation contain the term. SEC lawyers secretly removed the phrase from a court footnote last week.<\/p>\n<p>&#8220;<em>You invented the term crypto asset security&#8230;<\/em>&#8221; Emmer replied, &#8220;<em>You never offered any interpretive direction,<\/em>&#8221; adding that Gensler&#8217;s contradictions have compromised the American banking system.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/tom-emmer-criticizes-sec-chair-gary-gensler\/#Criticism_Over_Debt_Box_Case\" title=\"Criticism Over Debt Box Case\">Criticism Over Debt Box Case<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/tom-emmer-criticizes-sec-chair-gary-gensler\/#SEC_Commissioner_Peirce_Backs_Emmer\" title=\"SEC Commissioner Peirce Backs Emmer\">SEC Commissioner Peirce Backs Emmer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/tom-emmer-criticizes-sec-chair-gary-gensler\/#SAB_121_Debate_Continues\" title=\"SAB 121 Debate Continues\">SAB 121 Debate Continues<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Criticism_Over_Debt_Box_Case\"><\/span>Criticism Over Debt Box Case<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Emmer<\/strong> also asked <strong>Gensler<\/strong> on how the SEC handled the Debt Box case, in which the agency sued a cryptocurrency business for purportedly $50 million scam. The matter was dropped, and the SEC was directed to reimbursements of $1.8 million in fees. Emmer furthest his control-by- Enforcement goal by accusing the SEC of creating falsehoods to fit Gensler&#8217;s anti-crypto posture.<\/p>\n<p>Gensler said, &#8220;<em>the matters in that case were not well handled.<\/em>&#8221;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SEC_Commissioner_Peirce_Backs_Emmer\"><\/span>SEC Commissioner Peirce Backs Emmer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Known for her pro-crypto attitude, SEC Commissioner Hester Peirce concurred with Emmer&#8217;s worries and attacked the way the word crypto asset security was used by the agency. Peirce noted that the SEC just now admitted, via a court footnote, that the token itself is not a security \u2013 a realization she said should have come much earlier.<\/p>\n<p>&#8220;We&#8217;ve fallen on our duty as a regulator not to be precise,&#8221; Peirce added, implying Congress should help define crypto coins&#8217; applicability to securities rules.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SAB_121_Debate_Continues\"><\/span>SAB 121 Debate Continues<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The hearing also went over the contentious Staff Accounting Bulletin No. 121 (SAB 121), which mandates that firms using cryptocurrency document those assets as liabilities on their balance sheets. Gensler defended the rule despite bipartisan calls to revoke it, saying, &#8220;It&#8217;s a good accounting bulletin,&#8221; adding it helps businesses understand the risks connected with owning crypto assets.<\/p>\n<p>Rep. Wiley Nickel said that by depriving U.S. banks of safe custody of crypto products, so rendering the crypto ecosystem &#8220;less safe&#8221; and perhaps generating concentration issues by so transferring control to non-bank companies. Nickel also attacked the SEC&#8217;s choice to omit Bank of New York Mellon from the obligation for balance sheet reporting.<\/p>\n<p>Gensler emphasized that although Nickel claimed inconsistent execution of SAB 121, the regulations are the same for everyone.<\/p>\n<p><i><span style=\"font-weight: 400;\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our<\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"> <i><span style=\"font-weight: 400;\">Telegram,<\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400;\"> YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and<\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"> <i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> channels for the latest<\/span><\/i><a href=\"https:\/\/coinengineer.io\/news\/\"> <i><span style=\"font-weight: 400;\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calling Gary Gensler the most &#8220;destructive&#8221; and &#8220;lawless&#8221; chair in SEC history, U.S. Congressman Tom Emmer attacked him during a Sept. 24 House Financial Services Committee hearing. Emmer attacked Gensler for coining the term crypto asset security, charging him with basing his harsh enforcement against the crypto sector on it. Emmer underlined that Gensler never<\/p>\n","protected":false},"author":6,"featured_media":29848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1],"tags":[839,39,2107],"class_list":["post-29841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","tag-gary-gensler","tag-sec","tag-tom-emmer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tom Emmer Criticizes SEC Chair Gary Gensler Over Crypto Regulation - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/tom-emmer-criticizes-sec-chair-gary-gensler\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tom Emmer Criticizes SEC Chair Gary Gensler Over Crypto Regulation - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Calling Gary Gensler the most &#8220;destructive&#8221; and &#8220;lawless&#8221; chair in SEC history, U.S. Congressman Tom Emmer attacked him during a Sept. 24 House Financial Services Committee hearing. 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