SEC Chair to Face Congress for the First Time Over Crypto Policy

Gary Gensler, the chief of the US SEC, is scheduled to testify before the House Financial Services Committee for the very first time. 

Gary Gensler, the chief of the United States Securities and Exchange Commission (SEC), is scheduled to testify before the House Financial Services Committee for the very first time.  The House Financial Services Committee oversees all areas of the financial services industry in the United States, including banking, securities, and digital assets.

Congressman Patrick McHenry, Chairman of the Financial Services Committee, revealed in an interview that the SEC commissioner will have to respond to questions about his stance on the crypto industry on April 18. 

SEC’s First Oversight Hearing

McHenry mentioned during his speech that it would be the SEC’s first oversight hearing. The aim of said session is going to concern Gensler’s regulation and approach to crypto assets. He also stated that the commission will have broad general control of the SEC and will dedicate considerable effort to “laying down a regulatory sphere for digital assets.”

The Satoshi Action Fund’s co-founder, Dennis Porter, said that a large number of pro-crypto and pro-Bitcoin Democrats are lined up to express their disagreement to the party’s policy. He added: “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.”

The SEC chairman’s approach on cryptocurrency has raised many eyebrows over the years, with several Democratic Party members raising alarm about it. Others in the cryptocurrency sector fear the party’s anti-crypto position will be detrimental to its 2024 election campaign.

Congressman Emmer questioned Gensler in December of last year about how FTX Group and its subsidiaries met the criteria for corporate and financial management.

Moreover, Gensler’s views on cryptocurrencies and other similar subjects have consistently been rejected by crypto investors. Last year, a petition with over 18,000 signatures was circulated by ‘AI from Boston’ to remove the SEC Chair from office owing to his role in the Citadel Securities litigation.