TechFlow news, on September 25, according to Cointelegraph, SEC Chairman Gary Gensler faced sharp criticism from lawmakers including Congressman Tom Emmer during a House Financial Services Committee hearing. Emmer called Gensler the most "destructive" and "lawless" chairman in the SEC's 90-year history, accusing him of inventing the term "crypto asset security" while failing to provide any regulatory guidance for digital assets.
"The term 'crypto asset security'—you made that up. It does not appear anywhere in the statutes. You invented it, and you have never provided any interpretive guidance on how to define a crypto asset security within the walls of the SEC," Emmer told Gensler during the House Financial Services Committee hearing on September 24. Emmer said the term has been the entire basis for what he described as Gensler’s "enforcement crusade" against the crypto industry over the past three years. Only last week, SEC lawyers withdrew the term in a footnote in court filings.
Gensler is also facing criticism from within his own agency. SEC Commissioner Hester Peirce said the SEC's recent move to withdraw the term "crypto asset security" in court should have happened "long ago." The SEC "should have admitted long ago" that cryptocurrencies are not securities.
Previous report, Gary Gensler faced tough bipartisan questioning at a congressional hearing over the DEBT Box case, to which Gensler responded: "The handling of this case was indeed inadequate."
