The SEC Commissioner Hester Peirce on Tuesday admitted that the agency moved forward with regulatory actions against crypto entities despite being aware of potential legal issues. Rep. Tom Emmer sharply questioned the SEC Chair during the hearing. Emmer also accused the SEC of causing confusion in the market and lacking accountability. He noted that the term ‘crypto asset security’ was made up while it’s nowhere in statute. He stressed that the SEC Chair’s inconsistencies on this issue have set this country back quoting “We could not have had a more historically destructive or lawless chairman of the SEC.”

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