Emmer Urges SEC Accountability in Crypto Regulation

Statement

Today, Congressman Tom Emmer (MN-06) sent a bipartisan letter to Securities and Exchange Commission (SEC) Chair Gary Gensler seeking clarity on the SEC's information seeking process.
Emmer said, "Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. The SEC must ensure that its information-seeking requests to private crypto and blockchain firms are not overburdensome, unnecessary, and do not stifle innovation."

Specifically, the letter asks SEC Chair Gensler to provide details about the frequency and manner of its voluntary document requests to private, non-SEC regulated crypto and blockchain firms. While the SEC has the authority to secure transparent information from market participants for rulemaking purposes, the SEC must ensure that these inquiries do not infringe on the standards established in the Paperwork Reduction Act, which limits the burden the federal government imposes on private businesses and citizens.

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