Ethereum

Rule

Gary

Million

<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r11:" data-state="closed">Tom Emmer, the House of Republicans’ majority whip, has slammed <a href="https://coingape.com/xrp-lawyer-john-deaton-slams-secs-gary-gensler-for-infecting-entire-agency/" rel="noopener noreferrer nofollow">Gary Gensler</a>, the Chairman of the Securities and Exchange Commission (SEC), for his stewardship of Staff Accounting Bulletin (SAB) 121. Emmer contends that Gensler’s methodology opposes the SEC’s primary purpose—to protect investors, promote capital formation, and sustain fair, orderly,<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r12:" data-state="closed">&nbsp;and efficient markets. <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r13:" data-state="closed">This accusation arises from worries that the new regulation can cause overwhelming regulatory overreach.
<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r14:" data-state="closed">In his criticism, Emmer underscored what he sees as the SEC’s departure from its statutory duties. He further states that the SAB 121 regulation restricting banks from effectively evidence of holding crypto assets might deteriorate <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r15:" data-state="closed">market efficiency and investor confidence. <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r16:" data-state="closed">This position reflects a larger Republican worry about the potential adverse effects of regulatory enlargement on the capital markets.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The SEC’s statutory mission is to protect investors, facilitate capital formation, and maintain fair, orderly, and efficient markets.
 Chairman Gensler is violating all three of these with his illegal SAB 121 rule. <a href="https://t.co/Wky2K8zglR" rel="noopener noreferrer nofollow">pic.twitter.com/Wky2K8zglR</a>
 — Tom Emmer (@GOPMajorityWhip) <a href="https://twitter.com/GOPMajorityWhip/status/1787852810337263715?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="strong-tom-emmer-defends-innovation-against-sec-strong">Tom Emmer Defends Innovation Against SEC</h2>
<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r18:" data-state="closed">This is not the first time discord has arisen between Congressman Emmer and SEC Chairman Gensler regarding the regulation of digital assets. <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r19:" data-state="closed">In March, <a href="https://coingape.com/tom-emmer-slams-sec-gary-gensler-for-illegal-rulemaking-amid-sab-121-controversy/" rel="noopener noreferrer nofollow">Emmer</a> had previously accused Gensler of going beyond the regulatory scope of the SEC with a supposed anti-cryptocurrency bias. <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1a:" data-state="closed">Emmer stressed that the broad reading of the SEC’s rules as “guidance” is wrong for Congress and the public.
<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1b:" data-state="closed">The tension reflects the continuous battle between promoting innovation in the rapidly developing crypto market and providing strong regulatory supervision. <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1c:" data-state="closed">Emmer has always been a strong champion of minimal regulatory intervention, advocating for laws that foster innovation and protect the investor. <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1d:" data-state="closed">His bill, the <a href="https://coingape.com/tom-emmer-cbdc-anti-surveillance-bill-getting-major-coalition-support/" rel="noopener noreferrer nofollow">CBDC Anti-Surveillance State Act</a>, seeks to ensure the American people’s financial privacy from intrusive government. It already has 120 co-sponsors and support from a wide variety of stakeholders.
<h2 id="major-crypto-firms-face-increased-sec-regulations">Major Crypto Firms Face Increased SEC Regulations</h2>
<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1f:" data-state="closed">Recently, the SEC has become more aggressive and taken a more active role toward major players in the crypto industry. Binance and Kraken, among other entities, have been targeted under stricter regulations. In addition, the regulator has expanded its jurisdiction to the decentralized finance (DeFi) sector and has issued a significant notice to <a href="https://coingape.com/uniswap-vs-sec-adam-cochran-critiques-secs-case-as-contradictory/" rel="noopener noreferrer nofollow">UniSwap</a>, indicating <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1h:" data-state="closed">rising regulatory attention.
<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1i:" data-state="closed">The regulator’s aggressive approach has resulted in legal challenges. April saw <a href="https://coingape.com/breaking-consensys-fights-for-ethereum-sues-sec-to-block-regulation/" rel="noopener noreferrer nofollow">Consensys</a>, a major Ethereum developer, file a lawsuit against the SEC, in which the Commission’s recent’ vibe’ is inclined towards Ethereum being a security rather than a commodity.<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1j:" data-state="closed">&nbsp;<span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1k:" data-state="closed">This comes after a Wells notice was sent to Consensys regarding its MetaMask wallet product. <span class="cursor-pointer whitespace-pre-line text-base font-normal text-[#101828] transition-opacity duration-150 hover:bg-gray-200" aria-haspopup="dialog" aria-expanded="false" aria-controls="radix-:r1l:" data-state="closed">Consensys claims that its activities largely revolve around building an interface using MetaMask and do not make it a broker that would be subject to a strict securities law regime.
Read Also:<a href="https://coingape.com/binance-ceo-reveals-150-million-bribe-conflicts-nigeria-government/" rel="noopener noreferrer nofollow">Binance CEO Reveals $150 Million Bribe, Conflicts With Nigeria’s Government </a>
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The post <a href="https://coingape.com/congressman-blasts-us-sec-gensler-for-violations-sab-121-rule/" rel="noopener noreferrer nofollow">Congressman Blasts US SEC, Gensler for Violations &amp; SAB 121 Rule</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Congressman Blasts US SEC, Gensler for Violations & SAB 121 Rule

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