April 19 (Cointime) - Republican Tom Emmer (R-MN) criticized U.S. Securities and Exchange Commission Chairman Gary Gensler's approach to regulating the crypto world, asserting that U.S. tech firms were suffering as a result.

"Gary Gensler is an incompetent 'cop on the beat.' He's actively putting everyday Americans in harm's way and pushing American firms into the hands of the Chinese Communist Party," Emmer stated.

He further inquired, “During your tenure at the SEC, how many rules has the SEC finalized that actually accommodate the existing regulatory framework and are specifically for the digital asset industry so that the crypto market can come into compliance?”

Prior to the hearing, lawmakers published an open letter denouncing the SEC for its lack of clear guidelines for crypto companies.