As SEC Chair Gary Gensler makes attempts to regulate the crypto sector, he faces opposition from congressmen supporting crypto. Senator Tom Emmer, a representative from Minnesota says Gensler is accountable for how his leadership can damage crypto investors in America. He also finds that the SEC chair is overstepping his role by trying to regulate the sphere.
Emmer views cryptocurrencies as commodities and currencies, not securities as Gensler does. Mentioning that these are the highest performing assets, the senator says regulation shouldn't go against the interests of investors.
To this, Gensler restated his vision that crypto companies need to work with the SEC. This week, he told Congress that crypto projects need to get listed with the SEC, which will help the agency to prevent cases of manipulation and deception.
Emmer sees the solution in Financial Accounting Standards Board’s (FASB) establishing crypto accounting standards. He says this will bring clarity to the sector.
Earlier, the executive said he doesn't think 5000-6.000 forms of private money have long-term viability. At the same time, Gensler stated that there are no plans to ban crypto as China did, but there is a need for establishing an investor-protecting framework.