U.S. House committee chairs, Blockchain Association turn up heat on SEC head Gensler
Three committee chairs in the United States House of Representatives have sent a letter to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler demanding a more satisfactory response to their Nov. 1 letter regarding the SEC chairman’s and the agency’s compliance with recordkeeping requirements.
Judiciary Committee Chair Jim Jordan, Oversight Committee Chair James Comer and Financial Services Committee Chair Patrick McHenry stated that the response they received from Gensler to their inquiry did not address direct requests made in their letter. Specifically, they asked for certification that the SEC follows federal recordkeeping and transparency rules and that Gensler and his subordinates have not used private email accounts to conduct official business, as well as explanations of the agency’s definition and use of “off-channel communications.”
The congresspeople, along with Rep. Tom Emmer, were responding to a Wall Street Journal report criticizing the SEC and other agencies for shoddy recordkeeping. “Government officials routinely engage in the same sort of record-keeping shenanigans for which Wall Street groups were recently fined [by the SEC],” the report concluded. Specifically, the article noted the use of chats by officials for government business, which are not searched to fulfill subsequent Freedom of Information Act requests.
1/ SEC Chair Gary Gensler has wrongly prejudged that all digital assets are securities.As a result, federal law requires that he recuse himself from all enforcement decisions related to digital assets.@MTCoppel and I wrote a paper explaining why https://t.co/xgJ09o4SPS
The new letter reiterates the original requests and adds, “If you do not intend to comply with any or all of the
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