Congressman Tom Emmer (R-MN) criticized U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler during a House Financial Services Committee hearing on Tuesday, focusing on Gensler’s leadership, cryptocurrency enforcement, and the SEC’s transparency.
The lawmaker accused Gensler of fostering political loyalty among SEC staff and prioritizing allegiance over the agency’s mission. He referenced emails showing that a senior SEC official aligned with Gensler’s political views, suggesting this behavior creates a culture of loyalty to Gensler over the law. Emmer brought up a court case in Utah involving the Debt Box, where SEC attorneys allegedly misled the court to target cryptocurrency companies, which led to $2 million in legal fees. The congressman asserted:
The SEC broke the law, your attorneys lied to the court, and no one in your leadership here in D.C. has been held accountable.
Emmer also criticized Gensler for introducing the term “crypto asset security” without proper legal foundation, using it in enforcement actions but later retracting it in court. He argued that Gensler’s inconsistent handling of cryptocurrency regulation has caused market confusion and set back the U.S. financial sector. Emmer concluded:
Your inconsistencies on this issue, sir, have set this country back. We could not have had a more historically destructive, or lawless, chairman of the SEC.
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