US Securities and Exchange Commission (SEC) Committee Chairman Gary Gensler will testify for the first time before the House Financial Services Committee.
In the interview, Rep. Patrick McHenry, chairman of the US Financial Services Committee, confirmed that the head of the SEC should face questions on April 18 about the 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 financial services industry, including banking, securities and digital assets.
In his interview, McHenry noted the SEC’s first inspection hearing. He will be heard on Gensler’s reasoning and approach to Crypto assets. He added that the Council will have a greater oversight in the SEC and a serious approach in terms of “establishing the regulatory sphere for digital assets”.
The SEC’s high-level approach to cryptocurrency has been surprising for many years, with many members of the Democratic Party expressing concern about its 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 many pro-crypto and pro-Bitcoin (BTC) Democrats are lining up to voice their opposition to the party’s position.
US regulators have taken a tougher stance against cryptocurrencies in the first months of 2023, with the SEC issuing well 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 emphasized that the regulations are decided by Congress, not individual agencies.
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