US Securities and Exchange Commission (SEC) Committee Chairman Gary Gensler will testify for the first time before the House Financial Services Committee.
In an interview, the representative Patrick McHenry, Chairman of the United States Financial Services Committee, confirmed that the SEC chief would have to face questions on April 18 about his approach to the crypto ecosystem.
#NEW: Chairman @PatrickMcHenry confirms @SECGov Chair Gary Gensler will testify before the House Financial Services Committee on April 18th.
Republicans will hold @GaryGensler accountable for his flagrant disregard for the law, jurisdiction, and the APA.
— Financial Services GOP (@FinancialCmte) March 28, 2023
The House Financial Services Commission has jurisdiction over all aspects of the US financial services industry, including banking, securities, and digital assets.
During his interview, McHenry noted that it would be the SEC’s first oversight hearing. The hearing will focus on rulemaking and Gensler’s approach to crypto assets. He added that the committee will have considerable overall oversight over the SEC and will take a serious approach in terms of “establishing a regulatory sphere for digital assets.”
The SEC chief’s approach to cryptocurrency has surprised many over the years, with many members of the Democratic party expressing concern about his approach. Some in the cryptocurrency industry believe that the party’s anti-crypto stance could be disastrous for its 2024 election campaign.
Dennis Porter, co-founder of the Satoshi Action Fund, said that many pro-crypto and pro-Bitcoin (BTC) Democrats are lining up to voice their opposition to the party’s stance.
Pro-Crypto & Pro-#Bitcoin Democrats are lining up to voice their opposition to their own party’s stance.
Democrats are on the verge driving their own voters away and losing support from this important new voter block. In my opinion it could cost Democrats the 2024 election. pic.twitter.com/3kZkTOAjhz
—Dennis Porter (@Dennis_Porter_) March 27, 2023
US regulators have taken a tough stance against cryptocurrencies in the early months of 2023, with the SEC issuing Wells notices to several crypto companies, including Coinbase. The Commodity Futures Trading Commission has also filed a new lawsuit against Binance. However, the cryptocurrency community has always highlighted that regulations would be decided by Congress, not individual agencies.
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