Summary of Recent Criticism of SEC Chair Gary Gensler

Recently, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), has faced criticism for his handling of virtual assets (cryptocurrencies).

Tom Emmer's Criticism
During a House Financial Services Committee hearing, Representative Tom Emmer referred to Gensler as "the most destructive and lawless chair in the 90-year history of regulatory agencies." He criticized Gensler for classifying virtual assets as securities and failing to provide regulatory guidelines. Emmer claimed that Gensler's actions have hindered the development of the virtual asset industry in the U.S.

 

Hester Peirce's Remarks
SEC Commissioner Hester Peirce also criticized Gensler’s policies, stating that "the fact that virtual assets are not securities should have been acknowledged long ago." This implies that Gensler's regulations are outdated.

 

Gensler's Position
In contrast, Gensler reiterated his stance not to retract the SAB121 accounting guidance, asserting that it represents good accounting standards, thereby justifying his policies.

 

This political tension revealed in the hearing highlights the ongoing conflict surrounding Gensler's regulatory approach to virtual assets. It remains to be seen how this criticism will impact the future direction of the SEC.

Three-Line Summary for You

• Gensler SEC Chairman is facing criticism for his regulation of virtual assets.
• Tom Emmer labeled Gensler as the most destructive chair in regulatory history.
• SEC Commissioner Hester Peirce argued that Gensler should have recognized that virtual assets are not securities. Gensler stated he will not retract the SAB121 accounting guidance.

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