While regulations are often aimed at protecting citizens from bad actors, the effectiveness of crypto regulations in the United States is in question owing to the colossal fall of major exchanges and ecosystems over the past year — FTX, Celsius, Voyager, and Terra (LUNA).

Congressman Tom Emmer showed concerns about the oversight strategy implemented by Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC) for the crypto ecosystem.

Emmer has been vocal against Gensler's “indiscriminate and inconsistent approach” toward crypto oversight. On March 16, the Congressman revealed being approached by numerous crypto and blockchain firms that believed Gensler’s reporting requests to be overburdensome and stifling innovation.

(By ARIJIT SARKAR)