BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Gensler Testifies Before U.S. Lawmakers, Faces Criticism over Approach to Crypto Regulation

BlockNews Team by BlockNews Team
September 29, 2023
in Crypto, Media, Politics
Gary Gensler
Share on TwitterShare on Reddit
  • U.S. Lawmakers grilled SEC Chair Gary Gensler over his approach to crypto regulation. 
  • House Financial Services Committee Chair threatened to subpoena SEC chair over lack of transparency in crypto regulation cases.

In a House Financial Services Committee hearing on Wednesday, U.S. lawmakers criticized Gary Gensler’s approach toward digital assets. 

The heated exchange between several lawmakers and Gensler highlighted the growing frustrations of the lawmakers on the Securities and Exchanges Commission’s aggressive crypto crackdown. 

In his speech, he reminded the U.S. lawmakers of the SEC’s contributions to America’s economic success in various sectors. Speaking on crypto, he criticized the industry’s lack of compliance with regulations, citing FTX’s downfall as a reminder of the need for regulatory oversight. Reiterating the SEC’s position on crypto, The SEC Chair emphasized Howey’s test as a determinant of what serves as a security in the crypto industry. 

According to him, the recent crypto regulatory crackdown by the SEC is simply an effort directed at protecting investors by enforcing regulations on securities. 

“There is nothing about the crypto asset securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws,” He stated in his testimony. 

U.S. Lawmakers Criticize Gensler, Threatens To Issue Subpoena

During the hearing, U.S. lawmakers asked the Chief of the Securities and Exchange Commission to clarify whether Bitcoin was a security. The discourse on whether Bitcoin qualifies as a security is significant to the crypto space. Before the hearing, Gensler once said everything besides Bitcoin could be a security. The need for clarification is expected at a time when the industry is yet to attain clarity on what constitutes security.

Unexpectedly, Gensler was evasive in his response, but the House Financial Services Committee Chair, Patrick McHenry, was insistent. Eventually, the SEC chair responded that Bitcoin does not qualify as a security, according to the Howey Test. 

The U.S. lawmakers expressed their frustrations with Gensler’s approach to crypto regulations. The Committee Republicans accused the SEC chief of taking a “regulation by harassment” approach towards the crypto industry. The House Chair also accused him of denying Congress’ requests for details of his interaction with FTX and the collapsed platform’s former CEO, Sam Bankman-Fried. Patrick McHenry, the Committee’s Chair, threatened Gensler with a subpoena. 

“Either we find a path forward where the SEC recognizes Congress as a co-equal branch of government and is responsive to our oversight duties, or my only option is to issue a subpoena,” McHenry stated at the hearing. 

Throughout the hearing, Gary Gensler gave evasive answers on significant issues that require clarity. The SEC is yet to approve Bitcoin-ETFs despite Congress’ push for its approval. Although Genser stated that Bitcoin is not a security, the approval for Bitcoin-ETF rests in its domain, a contradictory phenomenon, as non-security assets are outside the SEC’s jurisdiction. 

While most U.S. lawmakers grilled the SEC Chair hard and vented their frustration with his regulatory approach, a Democrat, Maxine Waters, supported Gensler’s position. 

Tags: Crypto RegulationGary Genslersec
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Judge Approves Guilty Plea of Binance's Changpeng Zhao
Breaking News

Judge Approves Guilty Plea of Binance’s Changpeng Zhao

December 6, 2023
Google Announces New AI Model Gemini, Here is What you Need to Know
Breaking News

Google Announces New AI Model Gemini, Here is What you Need to Know

December 6, 2023
NeoTokyo The Crypto Gaming Hub
Breaking News

NeoTokyo: The Crypto Gaming Hub

December 6, 2023
Foreign Governments Access Apple and Google User Data: Senator Warns
Breaking News

Foreign Governments Access Apple and Google User Data: Senator Warns

December 6, 2023
Jack Dorsey’s Ocean Mining Shakes Up Bitcoin With Ordinals Censorship
Breaking News

Jack Dorsey’s Ocean Mining Shakes Up Bitcoin With Ordinals Censorship

December 6, 2023
Bitcoin Could Pump Higher and Here is Why
Breaking News

Bitcoin Could Pump Higher and Here is Why

December 6, 2023
Load More
Next Post
Curve finance Logo

Curve Founder Michael Egorov Clears Debt on Aave Stabilizing DeFi Markets

BlockFi Logo

Crypto Lender BlockFi Gets Court Nod For Plan To Repay Customers

Chainlink's CCIP Now Integrated with Coinbase's Base Network

Related News

Magic Eden and Yuga Labs Unveil Royalty-Backed NFT Market

Magic Eden and Yuga Labs Unveil Royalty-Backed NFT Market

November 4, 2023
core scientific

Financial Rebound on the Horizon for Core Scientific Amid Market Improvements

May 25, 2023
CoinDeal

Nevada Man Confronts Legal Repercussions in Multi-Million CoinDeal Scam

May 24, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Web3 Firms Unveil Grants to Bolster Crypto Ecosystem Following Market Revival December 7, 2023
  • Blockchain Technology Spearheads Climate Action at COP28 December 7, 2023
  • Meta Leads the Fight Against AI Misuse with Invisible Image Watermarks December 7, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.