Securities and Exchange Commission (SEC) Chairman Gary Gensler is set to testify before Congress twice in September — once before the Senate Banking Committee on Sept. 12 and later the House Financial Services Committee on Sept. 27 — according to report by Fox Business correspondent Eleanor Terrett.
These scheduled appearances follow a series of criticisms and accusations against Gensler from lawmakers, particularly Republicans. Representative Patrick McHenry, a senior member of the House Financial Services Committee, has criticized Gensler’s approach to digital asset regulation as overly aggressive, especially given the lack of explicit cryptocurrency guidelines that indicate which digital assets fall under SEC jurisdiction. McHenry and others have expressed concerns about the nature of the SEC’s regulatory approach, which they say prioritizes enforcement over explicit guidance.
Hot seat
Gensler has come under fire for his comments about companies being required to register with the SEC. The House Committee on Financial Services alleged that Gensler’s push for registration is a “deliberate misrepresentation” of the nonexistent registration process, adding to the escalating debate over the need for clear regulatory guidance for digital assets in the United States .
However, Gensler has maintained his stance, arguing that most cryptocurrencies are securities and should be regulated as such. In his previous testimony before the House Financial Services Committee, Gensler accused crypto companies of failing to comply with existing securities laws and stressed the need for these entities to register with the SEC.
Meanwhile, the regulatory approval of Prometheum Ember Capital LLC as a separate digital asset broker-dealer has drawn criticism and raised demands for transparency. Prometheum’s approval, which came shortly after a joint digital asset hearing, is seen by some as an attempt to demonstrate the adequacy of existing regulation for the digital asset industry. Despite this, ties to Chinese entities and divergent views on regulation have led to concerns and calls for further scrutiny by lawmakers.
Post-SEC Chairman Gary Gensler, who was scheduled to testify before Congress twice in September, made his first appearance on CryptoSlate.
