U.S. lawmakers slam SEC and chairman for refusing to provide clear regulation for crypto industry

U.S. Representatives Patrick McHenry and Tom Emmer criticized the U.S. Securities and Exchange Commission (SEC) and its Chairman Gary Gensler on Friday after the agency rejected Coinbase’s petition seeking clarity on cryptocurrency regulation. Congressman McHenry commented on the X platform that it is shameful that US SEC Chairman Gary Gensler continues to refuse to provide clarity to the digital asset ecosystem. If "the law is clear" supports his position, why does the SEC keep losing in court? McHenry, who has been pushing for clear cryptocurrency regulation, will retire from Congress when his term ends in January. Another U.S. lawmaker, Minnesota Republican Rep. Tom Emmer, also strongly criticized the SEC for rejecting Coinbase’s petition. Emmer said that rather than providing more transparency to the market, the SEC's policies are designed to create chaos and will corrode our great capital markets. This is wrong and a clear violation of the SEC's mandate.