A senior Republican has hit out at Gary Gensler, the chair of the Securities and Exchange Commission, over his attempts to regulate cryptocurrencies, as its defenders increase their opposition to several regulatory proposals.
Tom Emmer, a representative from Minnesota and co-chair of a group of lawmakers interested in blockchain, said he believed Gensler was overstepping his authority with his attempts to expand the SEC’s role in regulating cryptocurrencies.
Emmer’s intervention is part of a broader move by supporters of cryptocurrencies to push back against Democrat-led attempts to increase oversight of the $2tn market.
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