Congress Threatens to Subpoena Gary Gensler and the SEC

Congressional Subpoena 

Gary Gensler and the SEC have been stonewalling and refraining non-public information with Congress. Two Chairmen are currently threatening Gary Gensler to subpoena the SEC for this information, if a subpoena occurs this would be the first congressional subpoena from the committee. Gary Gensler is aslo stonewalling the MMTLP fiasco from multiple Congressmen and Senators, and investors are asking Congress to subpoena the MMTLP Blue Sheet Data. 

Oversight Committee Chairman James Comer recently sent a letter to Gary Gensler and threatened to subpoena information from the SEC if they don’t provide the information in a timely manner. In the letter it states Chairman Cromer is seeking documents and information on the SEC involvement in the development of European social engineering initiatives disguised as disclosure and due diligence directives being developed by the European Union. Chairman Comer states “We have not received the information requested for almost four months, as the SEC has continuously delayed and misdirected”. 

Chairman of the House Financial Services Committee Patrick McHenry is also threatening to Subpoena Gary Gensler, and the SEC after Gary Gensler refuses to be transparent about his interactions with FTX & Sam Bankman-Fried. Chairman McHenry states “7 months later the committee has not received a non-public document… I do not want to be the first Chairman of this Committee to issue a subpoena to the SEC”. 

Gensler has been justifying refraining from sharing non-public information with Congress because he says he is unable to do so without an authorization vote from the full Commission. Chairman Comer cites section 24G of the Securities Exchange Act which says nothing authorizes the Commission to withhold information from Congress.  

MMTLP Blue Sheet Subpoena

15 Congress members signed a letter to Gary Gensler in July of 2023 requesting that the SEC review the events that occurred following the halt and delisting of the ticker MMTLP. Since then multiple Senators and Congressmen wrote similar letters to Gary Gensler, SEC, and FINRA although there has not been a public statement of the wrongdoings from the MMTLP halt. Senator Mike Crapo, and Congressman Ralph Norman recently asked Gary Gensler about the Aggregated Audited Share Count and Blue Sheet Data for MMTLP during a hearing, however both times Gensler stonewalled the Senator, and Congressman. 

Senator Mike Crapo directed multiple questions regarding Meta Materials Series A Preferred Dividend: MMTLP to Gary Gensler at a recent hearing. Senator Crapo asked if the SEC is reviewing the trading halt from December 2022, and if the SEC will publicly release the findings behind the halt. Gary Genslers stonewalled the Senator and put the blame on FINRA. FINRA states that they “Work under the supervision of the Securities and Exchange Commission”  therefore the SEC should be involved in this matter. 

During the hearing Senator Crapo states: “Investors asked for the Aggregated Audited Share Count for the MMTLP and for the Blue Sheet Data to ascertain whether MMTLP shares were subject to Counterfeit, and Naked Short Selling.” Gary Gensler responds by saying he can’t confirm or deny if there's an ongoing investigation regarding MMTLP. After the hearing, Senator Crapo and Senator JD Vance wrote a letter to Gary Gensler regarding MMTLP.

Investors are asking Congress to subpoena the SEC and FINRA for the MMTLP Blue Sheet Data and the Aggregated Audited Share count to distinguish if there is an imbalance of MMTLP shares. FINRA halted the security days prior to the company's record date, trapping any investor who insisted on selling their MMTLP shares, and forced all open short positions into the private company. MMTLP was halted 308 days ago and there's currently no resolution.