Republicans demand explanation from SEC

Wednesday 09 November 2022 ▪ 14:00 ▪
min read – by

The US Securities and Exchange Commission (SEC) has been annoying US lawmakers lately. A letter co-authored by Patrick McHenry and Pat Toomey was recently sent to the director of this agency. A demand for an explanation certainly related to the allegedly too hasty decision-making by the US stock market and cryptocurrency police.

“Too many rules, too soon”

Republican Senator Pat Joseph Toomey joined Rep. Patrick Timothy McHenry in SEC correction. Concerned about the rulemaking process, the two legislators sent a paper to Gary Gensler.

or report issued by the agency’s inspector general (IG), published in October, would have alarmed the latter. He proposed 26 new rules, likely double his 2021 proposal. In the eyes of these Republicans, this report ” raises significant concerns that the agency is trying to promulgate too many rules, too quickly — in some cases using temporary staff with little or no regulatory experience – to the detriment of American investors, businesses and financial markets. »

The letter released by the Toomey-McHenry duo, however, did not mention cryptocurrencies. As for pro-crypto Toomey, he emphasized his sincerity in his Nov. 4 tweet.

Concerns about IG report

I am deeply concerned about the conclusion of the IG report that @SECGov is adopting rules without sufficient feedback. »

Furthermore, his fellow Republican McHenry did not mince his words against Gensler’s management style. On Tuesday, October 27, he also posted on the same social network asElon Musk i just redeemed this comment.

Gary Gensler and his mismanagement of the SEC

Chairman Gensler’s attempt to impose a progressive agenda on our financial markets deprives the SEC of resources for its core mission, including investor protection. »

The SEC, which is currently investigating several crypto exchanges such as Coinbase and Binance, would have failed in its primary mission.

At the end of their letter, Pat Toomey and Patrick McHenry gave Gary Gensler an ultimatum. The latter is interested in answering their questions before November 16. An opportunity for him to justify the charges of ” hypocritical management of the SEC » that he would currently apply.

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