House committee chairman threatens SEC chair with subpoena, but not over crypto


James Comer, chair of the US Home of Representatives Oversight and Accountability Committee, has threatened Securities and Trade Fee (SEC) chair Gary Gensler with a subpoena. He wrote within the letter dated Oct. 12, that the committee can have “no selection” however to make use of obligatory measures to acquire paperwork if the SEC doesn’t begin cooperating with it.

Comer additionally expressed concern about SEC “actions taken to avoid Congress to additional an agenda that harms American taxpayers.” Cryptocurrency proponents in Congress have typically complained about Gensler in comparable phrases, however this letter shouldn’t be about crypto. Moderately, Comer was writing about coordination with the European Union (EU) on environmental, social, and governance (ESG) and climate-related points, in addition to SEC stonewalling.

Comer and Senator Tim Scott, who is now running in the Republican presidential main, wrote to Gensler in June asking for details about United States’ cooperation with the EU on local weather laws that might influence U.S. firms. They sent the same letter to Treasury Secretary Janet Yellen. In his newest letter, Comer mentioned:

“So far, the SEC has not produced paperwork which are substantively responsive, and so far the overwhelming majority of paperwork produced have been publicly accessible on the SEC’s web site, […] or paperwork that had been already launched pursuant to the Freedom of Data Act.”

These phrases virtually mirror Patrick McHenry’s letter of April 12, the place he wrote, “The 232 pages of paperwork offered by your employees after the briefing are publicly accessible and never attentive to the request.” McHenry was writing about his information request regarding the prosecution of former FTX CEO Sam Bankman-Fried. McHenry additionally threatened Gensler with a “obligatory course of.” McHenry repeated that threat in person in a Home Monetary Companies Committee listening to.

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Crypto supporters may even hear echoes of themselves in Comer’s phrase “it’s not clear that the regulation supplies such authority and we should decide whether or not laws is important.” In his first letter, Comer reminded Gensler of the Supreme Court docket’s West Virginia v. EPA ruling, which pertained to the main questions doctrine and could have an impact on the SEC’s actions within the crypto sphere as properly.

Journal: Crypto regulation: Does SEC Chair Gary Gensler have the final say?