Republican lawmakers have criticized U.S. Securities and Exchange Chairman Gary Gensler for his approach to regulating the crypto industry. During a hearing, Gensler hinted that regulating the fast-moving digital asset industry was difficult to keep up with. However, lawmakers attacked Gensler for not providing clearer rulemaking. Rep. Tom Emmer accused Gensler of being an inefficient law enforcer and pushing American firms into the “hands of the CCP (Chinese Communist Party)”. Lawmakers dropped an open letter criticizing the SEC for a lack of clear rules for crypto companies, following the collapse of the FTX digital asset exchange last year. The SEC has targeted American crypto brands after Gensler took the job in 2021, causing some politicians to criticize the regulator’s crypto stance, claiming that it will stifle innovation in the country. The SEC has fined several digital asset exchanges for violating securities laws and claimed that major cryptocurrencies Dash and Algorand had characteristics resembling securities. Gensler responded to criticism by saying that he could use more manpower when regulating the crypto industry. “In terms of digital assets, we could certainly use more resources,” he said. “Definitely there are more things to look at and investigate than we have people on the staff to do.”
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