Gary Gensler, the US Securities and Exchange Commission (SEC) chair, will testify before the House Financial Services Committee for the first time on April 18. Representative Patrick McHenry, who chairs the committee, has confirmed in an interview that Gensler will face questions regarding his stance on the cryptocurrency industry.
#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 Committee has jurisdiction over all facets of the US financial services industry, including banking, securities, and digital assets.
McHenry stated during the interview that the upcoming SEC oversight hearing would focus on Gensler’s regulatory decisions and approach to cryptocurrency assets. McHenry also noted that the committee would have broad general oversight of the SEC and take a rigorous approach to developing a regulatory framework for digital assets.
Over time, the SEC chief’s stance on crypto has garnered attention from many individuals and Democratic party members. According to Dennis Porter, the co-founder of the Satoshi Action Fund, many Democrats who support cryptocurrency and Bitcoin are preparing to express their disagreement with the chairman’s position.
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
Dennis Porter stated:
“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.”
According to a DeFi Planet report from last month, the US Securities and Exchange Commission (SEC) may introduce new regulations affecting the services provided by cryptocurrency companies to their customers.
These new regulations will make it more difficult for crypto companies to act as “qualified custodians” for their clients’ digital assets and could potentially impact hedge funds, private equity firms, and pension funds that work with crypto businesses.
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