Pro-Crypto Congressman Criticizes Gary Gensler's Crypto Industry Crackdown as Illegal

Image=The Block YouTube Screenshot

Tom Emmer, Vice Chair of the Digital Assets, Financial Technology, and AI Subcommittee, known as a leading pro-cryptocurrency figure in the U.S., has sharply criticized former SEC Chairman Gary Gensler, who had a hostile relationship with the cryptocurrency market.

On the 11th (local time), Congressman Emmer participated in The Block Scoop and stated, "Gary Gensler's crackdown on the cryptocurrency industry was illegal."

In the podcast, Congressman Emmer emphasized that a favorable environment for the cryptocurrency industry has been forming in the U.S. since Donald Trump took office. He explained, "The government is trying to establish consistent rules for cryptocurrency regulation, with cooperation from regulatory bodies like the White House and the SEC. President Trump has kept his promise to clarify cryptocurrency regulations and is moving towards eliminating excessive regulations that hinder industry development."

Furthermore, Congressman Emmer explained that many voters in the U.S. want digital innovation, which is one of the reasons the Democrats lost. He stressed, "Today's 40-year-olds have spent a lot of time online, and they can do things our generation cannot. The Democrats thought they would continue to support them, but in fact, they were reasonable people who wanted to experience the opportunities digital assets provide."

Additionally, Congressman Emmer conveyed that legislation related to stablecoins (cryptocurrencies pegged to fiat currency) and Central Bank Digital Currency (CBDC) in the U.S. is expected to gain momentum. He stated, "I believe that under Chairman French Hill, the stablecoin bill can gain speed," adding, "Especially for stablecoins, it is planned that the Office of the Comptroller of the Currency (OCC) will manage them instead of the Federal Reserve. The Fed has already shown that it has too much on its plate." He further added, "The prohibition of CBDCs is also one of the priority bills for Congress."