At a House Financial Services Committee hearing, Securities and Exchange Commission Chairman Gary Gensler was criticized by lawmakers and members of his agency for his handling of U.S. cryptocurrency regulation. U.S. Congressman Tom Emmer slammed SEC Chairman Gary Gensler as the most "destructive" and "lawless" chairman in the regulator's 90-year history. Emmer told Gensler at a House Financial Services Committee hearing, "You coined the term crypto asset security. This term is not found in the regulations, you made it up, and you never provided any interpretive guidance on how to define crypto asset security within the scope of the SEC. Your inconsistency on this issue has set this country back. We could not have had a more historically destructive or lawless SEC Chairman." Emmer said that the term was the entire basis of Gensler's "enforcement campaign" against the cryptocurrency industry over the past three years. Until last week, SEC lawyers withdrew the term in a court footnote.

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