The U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler has been under the constant scrutiny of Congress for its approach towards the digital asset industry. The crypto market has witnessed the collapse of major tokens, exchanges and lending firms throughout the year.

In order to get things in line, Tom Emmer, United States Representative has stated that they are more concerned now over SEC chair strategy.

Congressman highlighted that the representatives were worried over Gensler’s “indiscriminate and inconsistent” approach towards the crypto community in March 2022. Since then the digital asset market has seen the collapse of Celsius, Voyager, Terra Luna and now FTX crash.

SEC Chair’s made up regulations have been missed by a long margin. The cumulative crypto market cap which touched its all time high of almost $3 trillion in November 2021 now stands at $840 billion. More than $2 trillion has vanished from the market.