U.S. Congressman Tom Emmer: Gary Gensler is the most "destructive" and "lawless" SEC Chairman in history

At the House Financial Services Committee hearing, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), was criticized by lawmakers and members of his agency for his handling of cryptocurrency regulation in the United States.

U.S. Congressman Tom Emmer blasted SEC Chairman Gary Gensler as being the most "destructive" and "lawless" chairman in the regulatory body's 90-year history. At a House Financial Services Committee hearing, Emmer told Gensler, "You created this term 'crypto asset security'.

This term cannot be found in regulations; it is something you made up. You have never provided any interpretative guidance on how to define crypto asset security within the scope of SEC. Your inconsistency on this issue has set our country back. We could not possibly have a more historically destructive or lawless chairman of SEC."

Emmer stated that this term was the entire basis for Gensler's "enforcement campaign" against the cryptocurrency industry over the past three years. It wasn't until last week that lawyers from U.S Securities and Exchange Commission withdrew this term in a court footnote.