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Friday, January 27, 2023

Tom Emmer Criticize Garry Gensler

SEC Chairman Jay Clayton and Commissioner Hester Peirce have defended their agency’s actions and noted that many of the companies that seek to list on the NYSE or Nasdaq exchanges first need to get federal approvals.

In a letter to Gensler, Tom Emmer wrote that he was “extremely disappointed” by the SEC’s failure to curb the oversight failures at the agency in recent years. He stated that there were “numerous examples of regulatory lapses and under-enforcement on a wide range of issues—from market manipulation to insider trading — which has led directly to significant harm for investors, small businesses, and our economy as a whole.”

Tom Emmer Skeptical

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He added: “It is clear from these issues that reforming our financial system requires more than just new laws; it also requires stronger enforcement. The Senate Banking Committee has held several hearings examining this issue over the past few months, but we must act now if we are going to restore investor confidence in our markets and ensure fairness for all Americans. Therefore, I ask you kindly answer these questions concerning recent SEC enforcement actions; how they were decided upon; how they were communicated internally within your agency; what lessons learned were applied into better practices moving forward? How will you address these issues going forward? With respect to specific cases mentioned above please explain how each decision was made including who voted yes/no/abstain or did not vote at all.”

In a letter dated March 27, 2019 and addressed to SEC Chairman Jay Clayton, Rep. Emmer requested that the agency answer for its communication with the public and its contentious relationship with the cryptocurrency community.

The Minnesota Republican’s questions include:

  • Why has the agency failed to communicate with “innovative companies” that are building on top of blockchain technology?
  • Has there been any confusion regarding whether tokens are securities? And if so, how could this be better clarified?
  • Why did regulators reject cryptocurrency ETFs despite “positive feedback from investors” on these products?
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