US lawmakers slam SEC and chairman for refusing to provide clear regulation for crypto industry

After the US Securities and Exchange Commission (SEC) rejected Coinbase's petition for clear cryptocurrency regulation on Friday, US Representatives Patrick McHenry and Tom Emmer criticized the SEC and its chairman Gary Gensler. Congressman McHenry commented on social media platform X that it is shameful that SEC Chairman Gary Gensler continues to refuse clarity for the digital asset ecosystem. If "the law is clear" supports his position, why does the SEC continue to fail in court? McHenry has been pushing for clear cryptocurrency regulation and will retire from Congress in January next year.
Another US Congressman, Tom Emmer, a Republican from Minnesota, also strongly criticized the SEC's rejection of Coinbase's petition. Emmer said that the policy of the US Securities and Exchange Commission is not to provide more transparency to the market, but to create chaos and undermine our great capital markets. This is wrong and clearly violates the SEC's responsibilities.