The Senator further enquired if these sweeps against crypto companies fall under the jurisdiction of the SEC and what actions the commission takes against companies that don’t volunteer for such voluntary questioning. Grewal admitted to using enforcement actions against companies that are not under their jurisdiction. Emmer said SEC was using its Enforcement branch to unconstitutionally expand its crypto jurisdiction.
Emmer said SEC’s behavior was absolutely unacceptable and believes the regulatory body is not regulating in good faith especially when it comes to the digital asset market.