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U.S. lawmakers: What regulatory strategies does the SEC have in place to prevent crises at Terra and FTX?

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U.S. lawmakers: What regulatory strategies does the SEC have in place to prevent crises at Terra and FTX?

U.S. Congressman Tom Emmer referenced his tweet from March this year, where he received a significant amount of feedback from the cryptocurrency industry, mostly reflecting concerns that SEC Chairman Gary Gensler's requests for information were overwhelming and burdensome, seen as stifling innovation.

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U.S. Congressman Tom Emmer referenced a tweet he made in March this year, where he received extensive feedback from the cryptocurrency industry expressing difficulties in complying with the excessive information requests from SEC Chairman Gary Gensler, which they felt were stifling innovation.

At that time, Tom Emmer was concerned that Gensler was regulating cryptocurrencies in the wrong way, and recent market developments since the beginning of the year have only heightened his worries. This is due to the SEC's regulatory strategies missing the collapse events of Celsius, Voyager, Terra, as well as the recent bankruptcy of FTX.

Emmer emphasized that Congress should not rely on stories fabricated by top newspapers to understand the specific regulatory details of the SEC, and he looks forward to Gensler's public testimony before the Financial Services Committee.

In fact, Tom Emmer has been a long-time supporter of blockchain technology. During an interview with Fox Business on 11/23, he stressed that the collapse of FTX does not signify the failure of cryptocurrency technology but rather points to business ethics, SEC regulation, and the personal and FTX failures of SBF.

Prior to the collapse of Terra, Tom Emmer had also attempted to legislate stablecoin yields, requiring "stablecoins with dividend components" like UST and AMPL to register with the SEC.

Previous reports revealed that while Gary Gensler publicly discussed cryptocurrency market regulation in the media, he simultaneously reported to Emmer's office that he was assisting SBF and FTX in obtaining regulatory monopolies.

Tom Emmer stated in early November that he would thoroughly investigate this matter.