SEC Chair Faces Senate Committee and Bipartisan Push for Anti-Money Laundering Provisions Emerges

July 20, 2023

Republican Reps. Johnson and Hill criticize SEC Chair's cryptocurrency regulatory approach and plan to introduce legislation. Rep. Torres supports Ripple decision, while also condemning the SEC's aggressive stance on the crypto industry, and is joined by Sen. Hagerty's call for regulatory clarity. SEC Chair Gensler is set to face Senate Committee questioning on cryptocurrency regulations during a budget hearing.

The BSV Blockchain Gazette is presented by Bryan Daugherty, Global Policy Director for BSV Blockchain Association, featuring:

• Rep. Dusty Johnson (R-SD) and Rep. French Hill (R-AR)
• Rep. Ritchie Torres (D-NY) and Sen. Bill Hagerty (R-TN)
• SEC Chair Gary Gensler
• Financial Stability Board
• Sen. Kirsten Gillibrand (D-NY), Sen. Cynthia Lummis (R-WY), Sen. Elizabeth Warren (D-MA) and Sen. Roger Marshall (R-KS)
• House Agriculture Chair G.T. Thompson (R-PA)

Republican Reps. Condemn SEC Chair's Cryptocurrency Regulatory Approach, to Introduce Legislation

Reps. Dusty Johnson (R-SD) and French Hill (R-AR) wrote a letter to SEC Chair Gary Gensler condemning his regulatory approach to cryptocurrency and urging him to support legislation the pair will introduce. A bill is expected to be released this week by Reps. Johnson and Hill.

Rep. Torres Praises Ripple Decision, Calls Out SEC's Crypto Industry "Assault"

Rep. Ritchie Torres (D-NY) wrote a letter to SEC Chair Gary Gensler praising the Ripple decision and criticizing Gensler’s “regulatory assault on the crypto industry.” Sen. Bill Hagerty (R-TN) similarly tweeted to criticize the SEC and advocate for legal clarity in the crypto space.

SEC Chair to Face Senate Committee Questioning on Cryptocurrency Regulations

SEC Chair Gary Gensler is set to testify before the Senate Appropriations Committee Subcommittee on Financial Services and General Government today. The focus of the hearing is on the SEC’s FY 2024 budget, but lawmakers are expected to question Gensler on the agency’s expansive agenda, including its approach to the crypto industry.

Financial Stability Board Releases Global Regulatory Framework for Crypto-Asset Activities

The Financial Stability Board (FSB) published its global regulatory framework for crypto-asset activities, with the goal of harmonizing regulations around the broader industry and stablecoins.

House Republicans Set to Introduce Crypto Market Structure Bill

House Agriculture Chair G.T. Thompson (R-PA) told reporters that Republicans will introduce their crypto market structure bill this week before voting on the proposal next week.

Bipartisan Push for Anti-Money Laundering Provisions in Crypto Industry

Sens. Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), Elizabeth Warren (D-MA), and Roger Marshall (R-KS) are pushing for an amendment to the NDAA to be included in amendment votes. Their proposal would introduce new anti-money laundering provisions for the crypto industry, and require regulators at the Treasury Department, CFTC, and SEC to adopt financial institution examination standards for crypto firms, with a focus on preventing money laundering and complying with sanctions.