Representative Tom Emmer (R-MN) has launched a scathing attack on SEC Chairman Gary Gensler, accusing him of stifling innovation and undermining the Securities and Exchange Commission's mission.

At the recent Consensus conference, Emmer criticized Gensler's leadership approach, labeling it the "worst thing" for the SEC. Emmer argued that Gensler has exceeded his authority, hindering capital formation and opportunities instead of fostering them.

Emmer described Gensler's approach as a "misleading open-door policy," claiming that the SEC is more likely to sue innovators than support them. He also criticized the recent passage of the Central Bank Digital Currency (CBDC) Act in the House, highlighting its focus on privacy and the need to prevent the development of surveillance tools reminiscent of those used by the Chinese Communist Party (CCP).

Emmer Advocates for Clarity in Crypto Regulation

Looking ahead to the 2024 elections, Emmer pointed out the growing influence of the crypto voter bloc, particularly among younger Americans aged 18 to 40. He observed that this demographic is deeply engaged in cryptocurrency and skeptical of traditional political assurances.

"They don't trust people like me in Washington, DC, to tell them what they should be allowed to do on the Internet," Emmer explained.

Furthermore, Emmer defended the Financial Innovation and Technology for the 21st Century Act (FIT21), which he believes is essential for the future of internet innovation. He criticized other lawmakers, including Senator Elizabeth Warren and Representatives Brad Sherman and Maxine Waters, for opposing the act.

According to Emmer, these representatives must align more closely with Gensler's restrictive policies. "This is the future — the future has arrived," Emmer remarked, advocating for FIT21 to ensure American leadership in the fintech sector. The act is designed to enhance consumer protection, increase transparency, and clarify the regulatory roles of the SEC and the Commodity Futures Trading Commission (CFTC) with cryptocurrencies.