U.S.Congressman Tom Emmer highlighted SEC Chair Gary Gensler’s unfair approach towards crypto regulation.- The lawmaker believes that Gensler regulates the crypto industry in bad faith.Tom Emmer, the United States Congressman from Minnesota’s sixth congressional district, appeared in an “Unchained” podcast on 7 April.During the podcast, he shared his thoughts on the current state of crypto regulation in the United States and the SEC’s approach to the crypto industry.
Tom Emmer on enforcement actions towards crypto Congressman Tom Emmer did not hold back while speaking about the conduct of the Securities and Exchange Commission’s Chairman, Gary Gensler.According to him, Gary Gensler is a “bad faith regulator” who tends to enforce regulation on the crypto industry as a whole rather than addressing the bad actors.
Emmer added that Gensler’s open-door policy for crypto firms was really an “enter at your own risk door,” wherein the regulator invited crypto firms to register in the interest of regulatory compliance, and then refuses to provide guidance and feedback, with some firms even facing enforcement action from the Commission.
The U.S lawmaker, who also serves as the Majority Whip of the U.S.House of Representatives, believes that the conduct of the SEC and Gensler sends a clear message to the border crypto community that the Chairman is not regulating in good faith.
He said: “This guy in my mind is a bad faith regulator.He has been blindly spraying the crypto community with enforcement actions, while completely missing the true bad actors.” Congressman Tom Emmer cited the SEC’s treatment of Coinbase [BASE] to highlight Gensler’s unfair treatment of businesses operating in the crypto space.
He revealed that despite holding several meetings with Coinbase to discuss their Earn product, the regulator refused to provide feedback.The exchange’s attempts towards regulatory compliance were ultimately met with a Wells Notice.anti-crypto message Republican Congressman Tom Emmer Queries FDIC On Alleged Efforts To Purge Crypto Activity From US On Wednesday, Tom Emmer, the U.S.Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent instability” in the U.S.
banking industry to “purge legal crypto activity” from the United States.Specifically, Emmer asked Gruenberg if the FDIC instructed banks not to provide banking services to cryptocurrency firms.GOP Majority Whip Emmer Questions FDIC’s Involvement in Purging Legal Crypto Activity Tom Emmer, a Republican politician from Minnesota, sent a letter to the chairman of the FDIC questioning whether the agency directed banks not to provide services to digital currency businesses.“Recent reports indicate that federal financial regulators have effectively weaponized their authorities over the last several months to purge legal digital asset entities and opportunities from the United States,” Emmer’s letter read.
The Minnesota congressman added: Individuals from across the industry, including former House Financial Services Committee chairman Barney Frank highlighted the targeted nature of these regulatory efforts to ‘single out’ financial institutions and ‘send a message to get people away from crypto.’ Emmer has been querying other U.S.lawmakers and agencies about their actions against crypto businesses, including questioning Securities and Exchange Commission (SEC) chair Gary Gensler about actions taken during the arrest of FTX’s disgraced co-founder, Sam Bankman-Fried.The politician has also introduced legislation that would prohibit the U.S.central bank “from issuing a [central bank digital currency] directly to anyone.” Emmer’s comments about former lawmaker Barney Frank stem from the Signature Bank board member’s commentary about being surprised by Signature’s collapse.
Frank said he suspected there was an “anti-crypto message” behind the bank’s demise.The New York State Department of Financial Services disagrees and explained that placing Signature into receivership of the FDIC had “nothing to do with crypto.” Despite the regulator’s denial of such accusations, Emmer’s letter to the FDIC’s Gruenberg implicitly asks the chairman whether the FDIC specifically directed banks not to provide banking services to cryptocurrency firms.”Have you communicated — explicitly or implicitly — to any banks that their supervision will be more onerous in any way if they take on new (or maintain existing) digital asset clients,” the politician asked.Emmer is insisting that Gruenberg provide the information as soon as possible and no later than 5:00 p.m.on March 24, 2023.Tags in this story anti-crypto message, banking services, Barney Frank, central bank digital currency, co-founder, collapse, Crypto activity, crypto businesses, Cryptocurrency, deposit insurance corporation, Digital Assets, Digital Currencies, FDIC, Financial Institutions, Financial Technology, ftx, Gary Gensler, GOP, GOP Majority Whip, government oversight, Gruenberg, legal entities, purging, receivership, Regulatory Compliance, regulatory efforts, Republican lawmakers, SEC, Signature Bank, Targeted, tom emmer, U.S.
banking industry, U.S.Central Bank, U.S.
financial regulators, U.S.lawmakers What are your thoughts on the regulation of cryptocurrency in the United States and the potential impact it could have on the future of the industry? Do you believe that regulators are unfairly targeting crypto businesses? Share your opinions in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Recently, Gary Gensler, the chairman of the U.S.Securities and Exchange Commission (SEC), expressed his opinion in a detailed interview with New York Magazine’s Intelligencer regarding why he believes crypto assets other than bitcoin are securities.However, Stuart Alderoty, Ripple’s chief legal officer, argues that Gensler must “recuse himself from voting on any enforcement case that raises that issue.” Alderoty insists that the SEC chair “has prejudged the outcome.” Lawyer Ignites Discussion on Twitter Over SEC Chair’s Comments on Cryptocurrency and Securities The recent interview of SEC chair Gary Gensler may have negative implications for the U.S.securities regulator, as he has been accused of publicly discussing his prejudgment of the outcome.Bitcoin.com News recently reported on Gensler expressing his opinions during an interview with New York Magazine’s Intelligencer reporter Ankush Khardori.During the interview, the SEC chairman explained why he views the majority of digital assets, other than bitcoin (BTC), in the current crypto economy as securities.
People called us crazy for saying that the SEC thought everything other than Bitcoin was a security, but now Gensler is saying it publicly.pic.twitter.com/Q9wFjIsNH7 — LBRY 🚀 (@LBRYcom) February 28, 2023 On February 27, 2023, Ripple’s chief legal officer, Stuart Alderoty, tweeted about Gensler’s public statements following the interview.
Ripple is currently in a legal dispute with the SEC to determine whether XRP tokens are securities or not.Alderoty’s tweet read, “Crypto lawyer PSA: Chair Gensler has once again declared that all cryptocurrencies except BTC are unregistered securities.He must now recuse himself from voting on any enforcement case that raises that issue, as he has already prejudged the outcome.Antoniu v.SEC (8th Cir.
1989).” Antoniu v.SEC dealt with the issue of a man named Antoniu who appealed a decision made by the SEC that prevented him from working as a securities broker.Antoniu argued that the participation of SEC commissioner Troy Paredes in the disbarment proceedings tainted the case with the appearance of impropriety.The court ruled in favor of Antoniu, stating that the commissioner’s statements indicated that they had already determined the facts of the case before hearing it.The case established the significance of recusal by SEC staff members in specific situations to prevent the appearance of impropriety.
Jeremy Hogan, an attorney and partner at Hogan & Hogan, responded to Alderoty’s tweet by sarcastically stating that chairman Gensler was “obviously speaking not as the head of the SEC but in his capacity as a long-distance runner and lover of orange juice.So, it’s okay.” Other Twitter users in Alderoty’s thread asked the lawyer if he would take legal action, with one person asking, “Will you also approach this from a legal standpoint, [Stuart Alderoty]? Like filing motions or whatever is required to force Gensler to recuse himself?” However, not everyone shared the same view as the Ripple legal officer, and one person called the opinion “absurd.” “Chair Gensler has not prejudged the merits of any particular case.And even if one could make such an argument stick (which is ridiculous), it would only require recusal from an appeal of an enforcement AP, not his involvement in voting on authorizing an enforcement action,” the individual responded to Alderoty’s tweet.
Regarding the Antoniu v.SEC case, the court nullified all proceedings in which the commissioner had participated and instructed the U.S.securities regulator to conduct a de novo review of the evidence without any involvement from Troy Paredes.Tags in this story adjudged, Antoniu v.SEC, Appeal, appearance of impropriety, attorney, Bias, comments, commissioner, crypto assets, crypto securities, Cryptocurrency, de novo review, debate, disbarment, Enforcement, evidence, Gary Gensler, Hogan & Hogan, Law, lawyer, Lawyers, legal battle, nullified, Opinion, recusal, Ripple, SEC, SEC staff, Securities, Social Media, Stuart Alderoty, Twitter, XRP What do you think about the debate over SEC chair Gensler’s statements on cryptocurrency and securities, and Ripple’s call for his recusal? Do you believe that Gensler’s comments demonstrate a bias against crypto assets, or do you think that he is simply expressing his opinion on the matter? Let us know your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.anti-touting NBA Hall Of Famer Paul Pierce Charged By SEC For Touting EMAX Tokens The U.S.
Securities and Exchange Commission (SEC) has charged Basketball Hall of Famer Paul Pierce for touting EMAX tokens and making misleading comments about unregistered crypto securities.The former Boston Celtics small forward agreed to settle the charges and pay the SEC $1.409 million.SEC Chair Gary Gensler Wants to Remind Celebrities of Disclosure Laws The U.S.’s top securities regulator has charged former Boston Celtics forward Paul Pierce for unlawfully touting the cryptocurrency project called Ethereummax and the token EMAX.
The Securities and Exchange Commission’s charges against Pierce follow an onslaught of enforcement actions by U.S.regulators against staking services, earn programs, stablecoins, and Do Kwon’s Terra blockchain ecosystem.According to the SEC complaint, Pierce “failed to disclose that he was paid more than $244,000 worth of EMAX tokens to promote the tokens on Twitter.” Pierce agreed to settle the charges with the SEC for $1.409 million in penalties, disgorgement, and interest.The complaint further asserts that in one tweet, Pierce shared a screenshot of profits that were much lower than his personal holdings.Another d the Ethereummax project’s website, which led to a portal to purchase EMAX tokens.Pierce is not the only celebrity whom the SEC has fined for unlawfully touting and misleading investors with the Ethereummax project and associated tokens.In Oct.2022, socialite Kim Kardashian was charged with unlawfully promoting the crypto asset EMAX.
At the time, Kardashian also settled with the SEC for $1.26 million in penalties.In a statement concerning Pierce’s charges, SEC Chair Gary Gensler insisted the case is “yet another reminder to celebrities.” Gensler continued, “The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can’t lie to investors when you tout a security.” The regulator added: When celebrities endorse investment opportunities, including crypto asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements.The SEC’s charges note that the Basketball Hall of Famer violated the anti-touting and antifraud provisions of federal securities laws.
The basketball star settled with the SEC on a non-admit or deny basis and promised not to promote any crypto assets for three years.The SEC further reminded investors to watch Gensler’s video about not making investments “solely on the recommendations of a celebrity or influencer.” Tags in this story anti-touting, antifraud, Blockchain, celebrity, Charges, Crypto, crypto assets, Cryptocurrency, Disclosure, earn-programs, Emax, EMAX project, Emax promotion case, endorsements, Enforcement, EthereumMax, federal law, Gary Gensler, influencer, investment, Investors, Kim Kardashian, Paul Pierce, penalties, Regulation, reminder, Research, SEC, Securities, Settlement, Socialite, Stablecoins, staking services, Warning What are your thoughts on the SEC’s recent enforcement actions against celebrities promoting crypto assets and the alleged need for full disclosure to the public? Share your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.
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