A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, for “pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input.” He warned that “the adverse consequences in one sector can bleed over into another, causing lasting economic harm.”
Gary Gensler’s SEC Faces Backlash for Rushed Rulemaking
Congressman Frank Lucas (R-OK) has slammed the U.S. Securities and Exchange Commission (SEC) and its Chair Gary Gensler over the regulator’s reckless approach to rulemaking. The official account for Financial Services GOP wrote on the X platform Monday:
Gary Gensler’s SEC is pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input — threatening to upend our capital markets. Rep. Frank Lucas is holding the SEC accountable to ensure our markets remain the envy of the world.
As the longest-serving Republican on the House Financial Services Committee, Lucas serves on the Digital Assets, Financial Technology, and Inclusion Subcommittee as well as the Capital Markets Subcommittee.
“The volume and breadth of SEC rulemaking is of significant concern to me,” the lawmaker stressed. “The implication of many of the proposed rules are massive and often affect the same or interconnected financial products and market sectors. The adverse consequences in one sector can bleed over into another, causing lasting economic harm.”
SEC Chair Gensler has been criticized for his enforcement-centric approach to regulating the crypto sector. Former SEC internet enforcement chief John Reed Stark recently warned that “the SEC’s crypto-regulatory onslaught will never end (ever).”
Several lawmakers are currently probing the SEC and the Financial Industry Regulatory Authority (FINRA) regarding the “shady approval” of crypto firm Prometheum. Moreover, the securities regulator is currently in a legal battle with Ripple Labs and its executives over XRP. Last week, the SEC filed a motion to certify an interlocutory appeal of the Ripple ruling regarding XRP.
Do you agree with U.S. congressman Frank Lucas about Gary Gensler’s SEC? Let us know in the comments section below.