Minnesota Representative: SEC Chair Gary Gensler Must Testify Before Congress

Minnesota Representative Tom Emmer called out Securities and Exchange Commission Chairman Gary Gensler on Sunday, demanding that the official speak before Congress about his approach to regulating crypto. "Gary Gensler must testify before Congress and answer questions about the cost of his regulatory failures." he wrote in a thread on Twitter.

Emmer says the SEC had failed to gather the information needed from crypto companies that would have prevented disasters like the collapse of FTX. "We now know Gensler's crypto information-gathering efforts were ineffective."

He argued that the SEC has displayed a consistent lack of clarity regarding its approach and has been unwilling to provide useful insight. He referenced a letter sent to Gensler in March that asked specific questions about the financial watchdog’s policies and procedures, questions he said were sidestepped in Gensler's response.