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Highlights
- Tom Emmer urges SEC to fire Chairman Gary Gensler, accusing him of "regulation by harassment."
- Mark Cuban backs call for Gensler’s removal, citing failure in leadership and stifling of crypto innovation.
- Tensions at crypto roundtable as industry leaders discuss SEC's negative impact on innovation and politics.
US Congressman Tom Emmer has lashed out at the SEC Chairman Gary Gensler and called him a regulator by harassment, this in response to Gensler encouraging the public to report tips or complaints to the SEC.
Tom Emmer Accuses SEC Chair of Harassment
US Congressman Tom Emmer has demanded that SEC Chairman Gary Gensler be fired. Emmer issued the call to action on X (previously Twitter) after Gensler posted a message asking the public to report tips or complaints to the SEC. Emmer accused Gensler of ‘regulation-by-harassment’ and used a hashtag to call for the SEC to terminate its chairman.
I’d like to report the SEC Chair for regulation-by-harassment. #FireGaryGensler https://t.co/oMyDIEU3o1
— Tom Emmer (@GOPMajorityWhip) July 12, 2024
Emmer’s criticism comes after other top personalities in the crypto space have also expressed their dissatisfaction with Gensler’s leadership.
Concurrently, the owner of the Dallas Mavericks, Mark Cuban, has openly called for the President of the United States, Joe Biden, to fire Gensler for not meeting the agency’s core responsibility.
Growing Tensions Between SEC and Crypto Industry
The history of the relationship between the SEC and the crypto market has been rather hostile for the past several years. Several industry stakeholders have claimed that change is needed at the SEC with regard to leadership.
This sentiment was captured during a recent crypto roundtable that was organized by Congressman Ro Khanna where participants including the Ripple CEO Brad Garlinghouse and the CEO of Galaxy digital Mike novogratz complained about the actions of the SEC.
Speaking at the roundtable, Cuban restated his position, claiming that Gensler’s attitude to regulation hampers the further development of the crypto industry. He said that due to the absence of definite rules, the crypto firms are unable to conduct their business legally.
Calls for Leadership Change at the SEC
There are various complaints about Gensler who has been criticized and others have urged to relieve him from the post, including those on Capitol Hill. Emmer’s public criticism is in line with the larger trend within the crypto community and some politicians who argue that Gensler’s approach is harmful to the industry.
Cuban’s criticism of Gensler could be traced back to an ongoing feud with the SEC and he said that Gensler’s exit is vital for the development of the crypto market. His remarks during the roundtable are in sync with the sentiments that have been expressed within the industry concerning the SEC.
The criticism of Gensler is politically significant as it may affect the chances of President Biden to be re-elected for the second term. Cuban and other industry leaders have stated that the administration’s approach to regulating cryptocurrencies could threaten its popularity among voters.
During the roundtable, the participants also debated how Gensler’s leadership could affect the upcoming election, some thinking that a shift at the SEC would be beneficial for the Biden administration politically.
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