Benzinga - Tom Emmer (R-Minn.), a Republican Congressman, launched a scathing attack on U.S. Securities and Exchange, or SEC, Chairman Gary Gensler, calling him an “incompetent cop on the beat.”
What Happened: Emmer, at a Tuesday hearing held by the House Committee on Financial Services, claimed that Gensler is pushing American firms into the hands of the Chinese Communist Party while putting everyday Americans in harm’s way.
The Congressman accused the SEC chairman of finalizing "zero rules for crypto companies to comply with, yet abusing the SEC’s enforcement powers against them."
According to Emmer, Gensler failed to take appropriate action when the biggest crypto frauds collapsed, leading to the defrauding of Americans.
The Congressman also accused Gensler of inappropriate regulation through public statements, which often contradict each other.
.@GaryGensler is an incompetent "cop on the beat."He's actively putting everyday Americans in harm's way and pushing American firms into the hands of the Chinese Communist Party