The US House Committee on Financial Services issued an ultimatum on May 19 to Securities and Exchange Commission (SEC) Chairman Gary Gensler to respond to his questions.
On May 9 letter, lawmakers required the SEC to provide requested internal non-public documents of its activities, including the charges against bankrupt FTX founder Sam Bankman-Fried, crypto regulation and business climate disclosure.
According to the commission, it has sent a letter requesting the SEC to provide a list of all digital asset entities that have attempted to register with the commission, as well as notices and documents regarding the process.
The committee slammed Gensler and SEC staff for failing to provide adequate answers to these questions. It noted that the SEC had sent voluminous documents containing mostly publicly available information.
“It is inconceivable to us that a nearly 5,000-person agency with nearly 150 attorneys in the General Counsel’s office and more than 200 employees in the IT department would struggle to process three requests from Congress in a timely and responsive manner,” he said. the letter. .
The commission gave the financial regulator a deadline of May 19 to provide the requested documents or it would invite its general counsel and the director of the Bureau of Legislative Affairs for questioning.
Speaking of the Committee’s inadequate responses, Congressman Bill Huizenga said lawmakers were tired of “holding back” the SEC. housesga added:
“During a Financial Committee hearing, Gary Gensler said he respects the role of congressional oversight. If Chairman Gensler doesn’t meet his own demands and answer our questions, we’ll have someone on his staff do it for him.”
The letter marks the commission’s latest attempt to understand the workings of the SEC under Chairman Gensler. Several members of the crypto community pointed out that the previous letters and hearings from lawmakers have not provided much clarity on the regulatory environment for the crypto industry.
Meanwhile, some members suggested that the legislators subpoena and compel the Commission to respond to its requests.
The U.S. House Post Finance Committee is giving SEC Chairman Gensler an ultimatum to respond to questions that first appeared on CryptoSlate.