Republican Senator Tom Emmer of Minnesota released a video showing his remarks before the House Financial Services Committee, accusing the SEC of politicizing regulation. He went on to cross-examine SEC Enforcement Director Gurbir Grewal about the SEC’s unethical industry sweep of cryptocurrency companies.
Grewal admitted to taking enforcement action against companies outside his jurisdiction. Emmer said the SEC is using its law enforcement arm to unconstitutionally expand its crypto jurisdiction.
Emmer also accused SEC Chairman Garry Gensler of luring and threatening companies, saying: “Under Chairman Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, enticing companies to ‘come in and talk to the committee’ and then take Enforcement action hits them and hinders good faith cooperation.”