Republican lawmakers on Tuesday slammed U.S. Securities and Exchange Chairman Gary Gensler’s approach to regulating the crypto world. 

At a Tuesday hearing in front of the GOP-controlled House Financial Services Committee, the top regulator hinted that the fast-moving digital asset industry was hard to keep up with. 

But lawmakers furiously attacked Gensler for not being clearer with his rulemaking. Rep. Tom Emmer (R-MN) was particularly aggressive and claimed that U.S. tech companies were suffering as a result. 

“You’ve been an incompetent cop on the beat,” he said, before claiming that Gensler was pushing American firms into the “hands of the CCP (Chinese Communist Party.)” 

He added: “During your tenure at the SEC, how many rules has the SEC finalized that actually accommodate the existing regulatory framework and are specifically for the digital asset industry so that the crypto market can come into compliance?” 

He then cut off the regulator. “The answer is zero,” he said. 

Before the hearing, lawmakers dropped an open letter criticizing the SEC for a lack of clear rules for crypto companies. 

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Author: Mathew Di Salvo

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