SEC also known as Securities and Exchange Commission with the chairman Gary Gensler, also lambasted on the Financial Services by Tom Emmer, Republican Senator. He has also accused about some of the unethical action which he has taken against the crypto companies.
Some of the videos posted on the Senator Emmer’s Twitter account. They reflects some conversation between Gurbir Grewal, the director of SEC and him. He also accused SEC for different political regulations, that also make unethical “industry sweeps.” It is mainly against crypto companies that are outside from jurisdiction.
Here, Senator mention that “it is quite clear to everyone, apart from those at commission, where SEC does not regulate in great faith”. He says that though various companies having to simply endure about “politicization for regulation for more than 14 months. The industry of digital asset was where it mainly clearly seen. It leads to Unethical sweeps of the industry.
Emmer speak about industry sweeps where contracts of SEC all companies in the similar set of situation, and even the requests documentation. When company is about the SEC jurisdiction so the participation in the company is voluntary.
On the other hand, the Senator also receive the Grewal to admit when SEC does the additional sweep industry for the companies outside the jurisdiction. He even questioned that Grewal as well as the colleagues also asked for make it quite bloodbath. It is for the companies that does not respond to letter of sweep?”.
“We have also become aware about chair Gensler that has in past direction for division of set of the enforcement to simply send the sweep letter for specific sector of crypto community. This also well designed to jam in such kind of the violation which is unconstitutional allegedly. If the company do never respond to mentions sweep letter. This is also actually voluntary, so SEC will also make it the specific ‘bloodbath.”