United States Securities and Exchange Commission Chairman Gary Gensler is set to testify before the House Financial Services Committee for the first time.
In an interview, Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC leaders will have to face questions from Congress on their approach to the crypto ecosystem on April 18.
#NEW: Chairman @PatrickMcHenry emphasized @SECGov Chairman Gary Gensler will testify before the House Financial Services Committee on April 18.
Republicans will continue @GaryGensler liability for disregard of law, jurisdiction, and APA.
– GOP Financial Services (@FinancialCmte) March 28, 2023
The House Committee on Financial Services is responsible for regulating all aspects of the financial services sector, including banking, securities and digital assets in the US
During the interview, McHenry noted that this would be the SEC’s first oversight hearing. The hearing will focus on Gensler’s governance and approach to crypto assets. He added that the committee will have general oversight of the SEC and will take a serious approach to “entering the field of regulation for digital assets.”
The SEC chief’s approach to crypto has turned a lot of heads over the years, and many from the Democratic party have expressed concern over the approach. Many in the crypto industry believe that the party’s anti-crypto stance could be dangerous for the 2024 election campaign.
Related: Crypto Reform Coming to US in 2023, Says Former White House Chief of Staff
Dennis Porte, co-founder of the Satoshi act fund, said that many pro-crypto and pro-Bitcoin Democrats are lining up to vote in opposition to their own party’s stance.
Pro-Crypto & Pro-#Bitcoin Democrats lined up to voice their opposition to their own party’s stance.
Democrats are on the verge of alienating their own voters and losing the support of this important new bloc of voters. In my opinion, it could cost the Democrats in the 2024 election. pic.twitter.com/3kZkTOAjhz
– Dennis Porter (@Dennis_Porter_) March 27, 2023
US regulators have taken a tough stance on crypto with the start of 2023, with the SEC issuing Wells notices to several crypto companies including Coinbase and BUSD. On the other hand, the CFTC has filed a new lawsuit against Binance. However, the crypto fraternity has always pointed out that regulations will be decided by Congress and not individual agencies.
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