Three Chairmen of CommitTees in the us house of represses, namely Jim Jordan, James ComEr, and Patrick Mchenry, have sent a letter to Gensler, seeking Updates on their Previous Inquiry Regarding The Secliance with Record-Keeping Requirements. expressed dissatisfaction with Gensler's responses, stating that they did not address their specific claims. They had requested evidence of the SEC's adherence to federal recordkeeping and transparency rules, clarification on the use of private email accounts for official business, and an explanation of the agency's definition and use of "off-channel communications."
These committee chairmen joined Congressman Tom Emmer in response to a Wall Street Journal report that criticized the SEC and other agencies for inadequate record-keeping practices. The report highlighted how government officials engage in similar record-keeping practices for which Wall Street groups were recently fined by the SEC. It noted the use of chat logs for government business without proper record-keeping to fulfill Freedom of Information Act requests. The new letter reiterates the original request and asks for an explanation if the SEC does not intend to comply with the specified requirements.
The letter, dated June 28. also pointed out inconsistencies in Gensler's public meeting schedule for 2021 and mentioned cryptocurrencies. The following day, Gensler faced criticism related to digital assets when the Blockchain Association released a paper suggesting that he should recuse himself from making enforcement decisions in the digital asset space. The paper argued that the SEC has not fulfilled its role as a rule-making body in this area and highlighted Gensler's statements regarding digital assets being unregistered securities and all digital asset trading platforms being unregistered stock exchanges. The paper raised concerns about bias and the need for a fair process, suggesting that recipients of Wells notices could seek Gensler's recusal through the SEC or federal court.
In summary, the committee chairmen expressed dissatisfaction with Gensler's responses to their inquiries and requested further updates. They highlighted concerns about record-keeping practices and the use of private email accounts for official business. Additionally, Gensler faced criticism regarding his stance on digital assets, with calls for him to recuse himself from making enforcement decisions.
