Congressman Emmer made Gensler admit that the SEC created exactly zero rules for crypto meanwhile executing 55 enforcement actions against crypto firms, which obviously makes little sense

Congressman Emmer made Gensler admit that the SEC created exactly zero rules for crypto meanwhile executing 55 enforcement actions against crypto firms, which obviously makes little sense

The timestamp of the clip is around 1:59:20 if one the full 5+ hour hearing

Yesterday, Gensler stood before the House Finance Services Committee to be held accountable for his actions as chairman, It was definitely an eventful hearing with Gensler having quite a number of uncomfortable moments in-between. In particular, the grilling of Gensler by Emmer stood out.

Emmer first asked Gensler how many rules specific to crypto had the SEC finalised within his tenure at the SEC. To this question, Gensler sheepishly admitted they did "no new rule" before stumbling around a bit around for a cover. Emmer then cut him off and loudly proclaimed "The answer is ZERO:".

Emmer then followed up with how many enforcement actions did the SEC levy against digital asset companies. Gensler drawled out "maybe 40 or 50". Emmer again strongly exclaimed that the answer was "about 55".

So the SEC have been making dozens upon dozens of enforcement actions of fines and punishments against crypto firms while creating zero new crypto rules.

Of course we knew this but it's clear that the SEC hasn't been fairly regulation crypto, which is putting it nicely. They have adopted an attitude of regulation by enforcement whereby regulations are made on the fly and crypto firms are fined and punished for rules that never existed prior. Forcing Gensler to admit this before the representative Committee is at least a start.

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