House committee chairman threatens SEC chairman with subpoena, but not on crypto.
US House Oversight and Accountability Committee Chairman James Comer has threatened to subpoena Securities and Exchange Commission Chairman Gary Gensler. In a letter dated October 12, the committee wrote that if the SEC does not cooperate with it, it will have “no choice” but to use coercive measures to obtain documents.
Comer expressed concern about the SEC's “steps taken to bypass Congress to advance an agenda that harms the American taxpayer.” Cryptocurrency supporters in Congress have similarly complained about Gensler, but this letter is not about crypto. Instead, Comer was writing about coordination with the European Union (EU) on environmental, social and governance (ESG) and climate-related issues, as well as the SEC's concerns about stone slabs.
Gensler is before the SEC's oversight committee, he said. Chairman McHenry, who threatened to sue after the chairman did not respond to the committee's questions, is being followed hard, and this… pic.twitter.com/uYLhyCyLRG
— Alistair Milne (@alistairmilners) October 12, 2023
Comer and Sen. Tim Scott, the Republican presidential nominee, wrote to Gensler in June asking for information on the United States' agreement with the European Union on climate legislation that could affect U.S. companies. They also sent a similar letter to Treasury Secretary Janet Yellen. In a recent letter, Comer said:
“To date, the SEC has not provided sufficient responsive documents, and an overwhelming number of documents are still publicly available on the SEC's website. […] or documents previously released under the Freedom of Information Act.
These words practically mirror Patrick McHenry's letter of April 12, “The 232 pages of documents provided by your staff after the briefing are publicly available and not responsive to the request.” McHenry writes about his request for information in connection with the lawsuit against former FTX CEO Sam Bankman-Fried. McHenry also threatened Gensler with “forced action.” McHenry repeated that threat in person at a House Financial Services Committee hearing.
Related: Crypto-friendly Patrick McHenry Takes Interim House Speaker Position
Crypto proponents also echo their own sentiments in Comer's phrase, “It is not clear that the law provides such authority and we must decide whether legislation is necessary.” In his first letter, Comer recalled the Supreme Court's West Virginia v. EPA decision, which deals with the doctrine of substantive claims and may have implications for SEC activities in the crypto sphere.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have Final Comments?
