Members of Congress from both sides of the political spectrum have called out Gary Gensler and the SEC's tactics in cracking down on crypto firms in the US.
, Emmer asserts that the Gary Gensler-led SEC is abusing its investigative powers and overburdening crypto firms — claiming that the regulator has been using the Division of Enforcement and Division of Examination authorities to unfairly bog down crypto and blockchain companies in excessive paperwork.
The legislators believe the regulator has been misusing these divisions and pointed out limitations in the SEC’s mandated jurisdiction, “It appears there has been a recent trend towards employing the Enforcement Division’s investigative functions to gather information from unregulated cryptocurrency and blockchain industry participants in a manner inconsistent with the Commission’s standards for initiating investigations.”
The Congress members believe the SEC could be violating the Paperwork Reduction Act of 1980, which regulates the volume of paperwork that any individual or private entity needs to provide to a federal agency.
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