At the recent Consensus conference, Representative Tom Emmer (R-MN) strongly criticized SEC Chairman Gary Gensler, claiming that his leadership is harming the SEC. Emmer argued that Gensler has overstepped his authority, thus hindering the SEC's mission to promote capital investment and innovation.

Emmer labeled Gensler's leadership as the "worst thing" for the SEC, accusing him of stifling innovation rather than encouraging it. He asserted, "Gary Gensler has gone way beyond the authority that it has," and emphasized that the SEC should support, not obstruct, capital formation and opportunities. He also criticized what he described as a deceptive open-door policy at the SEC, stating, "It’s, come on in, tell me what your project is, and then we’re going to sue you."

In his speech, Emmer also discussed the recent passage of the Central Bank Digital Currency (CBDC) Act in the House, emphasizing its focus on privacy to prevent the creation of surveillance tools akin to those used by the Chinese Communist Party (CCP). "We do not want a CCP-style surveillance tool ever to be developed and implemented in this country," he said, highlighting bipartisan support for protecting personal privacy.

Looking ahead to the 2024 elections, Emmer noted the increasing influence of the crypto voter bloc, particularly among Americans aged 18 to 40, who are deeply involved in cryptocurrency and distrust traditional political promises. "They don’t trust people like me in Washington, DC, to tell them what they should be allowed to do on the Internet," Emmer stated.

Emmer also defended the Financial Innovation and Technology for the 21st Century Act (FIT21), which he views as crucial for future internet innovation. He criticized lawmakers such as Senator Elizabeth Warren and Representatives Brad Sherman and Maxine Waters for opposing the act, suggesting they align more closely with Gensler's restrictive policies. Emmer argued that FIT21 is necessary to ensure American leadership in the fintech sector, enhancing consumer protection, increasing transparency, and clarifying the regulatory roles of the SEC and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrencies.