House Committee issues stern warning to SEC chair Gary Gensler over continuing to "obstruct congressional oversight" ( oversight.house.gov )
James Comer, chair of the House Committee on Oversight and Accountability, accuses Gensler of not revealing certain documents and information on the SEC’s involvement in the development of European social engineering initiatives disguised as disclosure and due diligence directives being developed by the European Union (EU).
This Administration has hidden behind “interoperability of disclosure regimes” as its “justification for global coordination”, Comer wrote in a letter to Gensler. The SEC is accused of “delaying, misleading, and blocking access to the records the Committee” which contradicts the SEC’s public commitment to enforcement through transparency and disclosure requirements.
Chairman Comer concludes by demanding the SEC to provide fully responsive documents by Oct. 19, stating, “I expect nothing less than full cooperation with our inquiry.” Otherwise, he warned the House Committee would consider a compulsory process “to gain compliance.”
There have been ongoing issues between the Oversight Committee and the SEC and especially Gensler’s widely criticized stance that all cryptocurrencies should be classified as securities and that crypto intermediaries should comply with securities regulations.
The conflict is important as it could set a precedent for the future of congressional investigations as well as for decisions to made in the crypto industry.
[Edit typo.]