Time is on the side of the abusive federal regulator if the Judiciary is the only branch of government doing its constitutional duty to provide a check on the Executive when it overreaches like this. Even when these companies are ultimately vindicated years later, the damage is already done. As legal experts point out, sovereign immunity rights exempt the SEC from being sued for damages caused by such abusive behavior.
This is why the Legislative branch needs to step up and do its part on providing that constitutional check. The House Financial Services Committee, which has oversight on the SEC for crypto policy, has scheduled Gensler to testify before them tomorrow. Now is not the time to be timid about what he is doing to American companies and millions of retail asset holders who have no protection against his Agency’s unchecked behavior. It is time for tough questions and accountability, and it’s time that Congress set clear rules of the road for crypto so that the SEC goes back to regulating under the law and not on a whim.
Source: It’s Time for Tough Questions to Gary Gensler About Crypto | RealClearMarkets
