Tom Emmer's Spicy Criticism Of Gary Gensler's Leadership At The SEC

JAKARTA A critical voice was heard from the Tom Emmer Representative (R-MN) highlighting the leadership of SEC Chair Gary Gensler as an obstacle to the mission of the United States Securities and Exchange Commission (SEC). In a firm tone, Emmer accused Gensler of exceeding his limits of authority, which ultimately undermined the SEC's main goal of encouraging capital investment and innovation.

Emmer did not hesitate to refer to Gensler's leadership approach as the worst thing' the SEC has ever experienced. According to him, Gensler has hindered innovation with policies that are too restrictive and misleading. Quoted from CoinGape, Emmer said, Gary Gensler has exceeded his authority, stressing that the SEC should be a promoter, not a barrier, in the formation of capital and opportunities.

The SEC's open-door policy, which should be a communication bridge between regulators and market players, according to Emmer, has actually become a legal trap. It's like, let's go in, tell about your project, then we'll sue you," said Emmer in a critical tone.

CBDC Law and Privacy

In his speech, Emmer also mentioned the ratification of the Central Bank Digital Currency Act (CBDC) in the DPR. He highlighted the importance of focusing the law on privacy, with the aim of preventing the development of surveillance tools similar to those used by the Chinese Communist Party (CCP).

"We don't want CCP style surveillance tools to be developed and implemented in this country," said Emmer, marking bipartisan support to protect personal privacy from such technology.

Emmer Advocacy For Clear Crypto Regulations

Ahead of the 2024 elections, Emmer highlighted the growing influence of the crypto voter bloc, particularly among the young generation of Americans aged 18 to 40 years. He observed that this demographic was heavily involved in crypto assets and showed skepticism about traditional political promises.

They don't trust people like me in Washington, DC, to tell them what they can do on the internet, Emmer explained, showing there is a gap between existing policies and the aspirations of the younger generation.

Emmer also defended the Law on Financial and Technology Innovation for the 21st Century (FIT21), which he deems important for the future of internet innovation. He criticized other lawmakers who opposed the law, including Senator Elizabeth Warren and Representatives Brad Sherman and Maxine Waters, for being inconsistent with Gensler's restrictive policies.

Ini adalah... masa depan telah tiba, ujar Emmer, mengadvokasi FIT21 untuk memastikan kepemimpinan Amerika dalam sektor fintech. Undang-undang ini dirancang untuk meningkatkan perlindungan konsumen, meningkatkan transparansi, dan memajelaskan peranaturasi SEC dan Komoditas Berjangkat Komoditas (CFTC) terkait aset kripto.