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Gungun Bhatia
Nov 26, 2022
by Gungun Bhatia

Crypto Control Strategy of SEC Chair Under Scrutiny As Ecosystems Fall

Tom Emmer

Table of contents

  1. Insufficient Crypto Ecosystem Regulation in the U.S.
  2. The Paperwork Reduction Act of 1980
The effectiveness of crypto legislation in the United States has been subject to criticism due to the collapse of major exchanges and crypto ecosystems over the past year, including FTX, Celsius, Voyager, and Terra. Even though the crypto policies have been frequently upgraded by the U.S. government with an intention to safeguard citizens from dishonest individuals, the measures were insufficient to prevent the disastrous collapse as the recent episode of crypto giant FTX  underlines. Congressman Tom Emmer expressed dissatisfaction over approach of Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), towards the cryptocurrency ecosystem regulation in the country.

Insufficient Crypto Ecosystem Regulation in the U.S.

Emmer has been outspoken in criticizing Gensler's "indiscriminate and uneven approach" to crypto supervision. On March 16, the Congressman said that multiple cryptocurrency and blockchain companies had contacted him, believing Gensler's reporting requirements to be onerous and inhibiting innovation.

The Paperwork Reduction Act of 1980

The Paperwork Reduction Act of 1980 was created to lessen the overall paperwork load that the federal government places on individuals and private enterprises. Congressman Emmer has previously requested that the SEC abide by the rules outlined in the Act.

Emmer concluded that Gensler's open appearance before the Financial Services Committee would be helpful because Congress shouldn't have to acquire the information about the SEC's monitoring agenda through planted articles in progressive magazines.

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Securities and Exchange Commission (SEC) Tom Emmer Gary Gensler cryptocurrency ecosystem regulation
Crypto Control Strategy of SEC Chair Under Scrutiny As Ecosystems Fall
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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