U.S. lawmaker Tom Emmer said SEC chairman Gary Gensler is “protecting” no one with his “regulation through enforcement” strategy.

Instead, Emmer believes that the policy hurts “everyday Americans.”

Emmer added:

“When can we expect proactive guidance instead of leaving the industry to interpret the rules of the road through your after-the-fact enforcement actions?”

The lawmaker was reacting to SEC charges against crypto firms Genesis and Gemini over their Earn product. According to the regulator, the product was an unregistered offer and sale of securities.

(By Oluwapelumi Adejumo)