SEC Chairman Gary Gensler testified for over four hours at a House Financial Services Committee hearing, facing criticism from numerous representatives.
SEC Chairman Gary Gensler Testified Before The House Financial Services Committee
SEC Chairman Gary Gensler testified for over four hours at a House Financial Services Committee hearing, facing criticism from numerous representatives.
An area of questioning focused on the SEC's Staff Accounting Bulletin 121 (SAB 121), which involves the accounting and disclosure of crypto assets held by public companies like Coinbase and Robinhood. Rep. Mike Flood pointed out that the advisory was released without consultation with regulators, and the private Financial Accounting Standards Board (FASB) has not released anything on digital asset custody. Several senators have also written in opposition to the bulletin, claiming that it puts crypto investors’ interests at risk.
Elsewhere, committee members pressed Gensler on when the SEC may approve the first spot Bitcoin ETF, with Gensler stating applications remain under "active consideration" post the Grayscale decision.
New York Representative Ritchie Torres also questioned Gensler on whether purchasing a Pokémon card is a security, to which Gensler replied that purchasing from a retail store does not make it a security. However, when asked if buying a tokenized Pokémon card is a security, Gensler replied, “I’d have to know more.”
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