GOP Rep Emmer Lashes Out At SEC's Gary Gensler Over Kraken Crackdown: 'Regulatory Purgatory Strategy Hurts Americans Most'

Congressman Tom Emmer (R-Minn.) slammed the Securities and Exchange Commission Chair Gensler for his "regulatory purgatory" strategy, arguing that it hurts everyday Americans the most.

What Happened: This comes in response to the SEC crackdown on Kraken, forcing the exchange to shut down its staking operations.

According to Emmer, staking enables more people to participate in building the next generation of the internet. 

To be clear, staking enables more people to participate in building the next generation of the internet.@GaryGensler’s regulatory purgatory strategy hurts everyday Americans the most - leaving them in the dust while these opportunities are accessible offshore. https://t.co/8YlSuBVj6L

— Tom Emmer (@GOPMajorityWhip) February 9, 2023

“Gary Gensler’s regulatory purgatory strategy hurts everyday Americans the most - leaving them in the dust while these opportunities are accessible offshore,” said Emmer in a tweet.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards 

Emmer's response came after Gensler tweeted that SEC charged Kraken for the unregistered offer & sale of securities through its staking-as-a-service program.

“Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries must provide the proper disclosures & safeguards required by our laws,” Gensler said.

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