We got letters. Lots of them, but so far has anyone taken them seriously enough to respond?
Justifiably, the MMTLP Community was quite excited when we received our first Congressional letter of support months ago. Since then, we have at least 9 letters to the SEC and FINRA signed by more than 20 Representatives.
But the community is growing a little weary of these letters, simply because they all have unmet deadlines or no response.
While these letters are great, it seems that the recipients aren’t taking them seriously or even bothering to reply.
Community members on X are starting to notice.
While many of our MMTLP letters didn’t contain specific deadline dates, they relied on words like “prompt response” or “I urge your prompt attention”, some letters did.
The most important one of all, signed by 15 Representatives was sent on July 28th to Gary Gensler and contained a deadline date.
“Please reply responsive information to the committee by August 11, 2023”
FIFTEEN US REPRESENTATIVES IN A LETTER TO GARY GENSLER
In fairness, there is a remote possibility that some replies have been made that we are not yet aware of. However, judging by the fact that we keep getting new Representatives join our cause, it’s unlikely Gary is talking.
I think it’s safe to assume that Gary Gensler and Robert Cook (FINRA) especially, are simply ignoring these requests from Congress.
I’m not sure that’s a great strategy for either of them, it may buy them some time but in the long run it only delays the inevitable. Enter court subpoena. Will Congress be bold enough to issue subponeas– eventually? Right now we don’t know.
Gary Gensler is not employed by Goldman Sachs (anymore). He’s a public official employed by the US Government, and the Government must respond to Congress.
Let’s keep the pressure up MMTLP Community. We encourage you to focus some tweets over the weekend and next week on this exact subject. Let your Representatives know that letters they sent have gone unanswered!