US Congressman Tom Emmer has recently called for the US Securities and Exchange Commission (SEC) to fire chairman Gary Gensler. Indeed, Emmer took to X (formerly Twitter) to call out the current agency head in response to a post from Gensler himself.
The current chairman called on users to “submit a tip or complaint,” to the SEC. In response, Emmer said, “I’d like to report the SEC Chair for regulation-by-harassment,” before using a hashtag that called on the agency to fire Gary Gensler. Emmer isn’t the only person to come after Gensler.
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US Congressman Tom Emmer Wants SEC Chair Fired
The crypto market and the SEC have had a contentious relationship the past several years. Now, many industry advocates are calling for a change. Specifically, there is a growing movement that is speaking out for a shift in leadership from its current regime.
US Congressman Tom Emmer took to X to share his opinion, asking for the SEC to fire its chair, Gary Gensler. He isn’t alone. Notable businessman and Dallas Mavericks owner Mark Cuban recently called on the current president to fire the head.
“You all have permission to quote me saying that Biden should fire Gary Gensler,” Cuban told Fox Business. “He is the problem,” Cuban added. In a later interview, he noted that the current chair has failed at the agency’s primary function.
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“I don’t believe Mr. Gensler has protected any investors in the crypto space or elsewhere for that matter,” he told Dallas Morning News.”His approach at the SEC is to litigate to regulate. Which means it is impossible for crypto companies to have bright-line rules to follow.”
“This is evidenced by the fact that there are currently zero companies that issued tokens for crypto apps,”Cuban added. “Not a single one. And this is not for the lack of trying.” Cuban also noted that the re-election of Joe Biden could hinge on his decision regarding Gensler.
That perspective seems to be shared on Capitol Hill. Emmer is one of many who have noted their displeasure with the job that Gensler has done. At this point, it does seem like a matter of time before a change is made.