Everything was so wrong in the view of the Securities and Exchange Commission (SEC) that it caused uneasiness in the market and eventually led 8 members of congress to demand an answer from the agency.
What happen?
It is understood a large number of crypto firms are making complaints that the SEC’s presence has interfered with unfounded investigations.
As a result, the congressmen involved wrote a letter to the SEC and named its chairman, Gary Gensler, alleging that the agency had abused its power:
"There has been an uncontrolled act, 'abusing' the Enforcement Division's investigative rights to collect information from participants in the cryptocurrency and blockchain industry, clearly inconsistent with the Commission's standards."
The matter was later shared by congressman Tom Emmer based on his tweet last night. But no company was involved in the complaint.
This is not the first time Emmer has complained to Gensler.
In November 2021, Emmer claimed the SEC’s action of rejecting exchange traded fund (ETF) applications based on crypto repeatedly was an improper action.
Presumably what was Gensler’s response to this latest allegation?
