BlockBeats news, September 25, according to Cointelegraph, at a hearing of the House Financial Services Committee, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, was criticized by lawmakers and members of his agency for his handling of U.S. cryptocurrency regulation. U.S. Congressman Tom Emmer slammed SEC Chairman Gary Gensler as the most “destructive” and “lawless” chairman in the 90-year history of the regulatory agency. Emmer told Gensler at a hearing of the House Financial Services Committee, “You created the term crypto asset security. This term is not found in the regulations. You made it up, and you have never provided any interpretive guidance on how to define crypto asset security within the scope of the SEC. Your inconsistency on this issue has set the country back. We can’t have a more historically destructive or lawless SEC chairman.” Emmer said that the term was the entire basis of Gensler’s “enforcement campaign” against the cryptocurrency industry over the past three years. Until last week, SEC lawyers withdrew the term in a court footnote.
Gensler also faced criticism from within its own team, with SEC Commissioner Hester Peirce saying the SEC’s move to withdraw the term “crypto-asset security” in court last week should have happened “a long time ago.” The SEC “should have long since acknowledged” that crypto tokens are not securities.

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