US House FSC Threatens to Subpoena SEC Over Crypto Regulation, SBF Charges
Market Musing-g

US House FSC Threatens to Subpoena SEC Over Crypto Regulation, SBF Charges

5m"
1 year ago

The SEC has until May 19th to respond to the inquiries or the Committee will schedule a testimony at the earliest possible date. The post US House FSC Threatens to Subpoena SEC Over Crypto Regulation, SBF Charges appeared first on Tokenist.

US House FSC Threatens to Subpoena SEC Over Crypto Regulation, SBF Charges

Mục lục

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
On Wednesday, May 10th, Representatives Patrick McHenry and Bill Huizenga sent a letter to SEC’s Gary Gensler. The document calls on the SEC to offer adequate replies to the Committee’s previous inquiries into the Commission’s charges against Sam Bankman-Fried, as well as on its actions surrounding digital assets and the proposed climate rule.

Financial Services Committee Requests Answers on Digital Assets, SBF by May 19th

This Wednesday, Representatives Patrick McHenry and Bill Huizenga, the House Financial Services Committee Chairman and Investigations Subcommittee Chairman sent a letter to SEC’s Gary Gensler requesting the SEC adequately respond to several previously made inquiries. 

The Congressmen also criticized the SEC for its failure to offer a satisfactory answer previously citing its numerous staff including around 150 lawyers. The Representatives are primarily interested in additional information on the proposed climate rule, and the Commission’s actions with regard to digital assets. 

They also requested additional details on the SEC’s charges against the former CEO of FTX, Sam Bankman-Fried. According to the letter, the Commission has until 5 PM on Friday, May 19th, to respond. If it fails to do so, the Committee will schedule a testimony based on the Commission’s schedule.

Join our Telegram group and never miss a breaking digital asset story.

Lawmakers’ Previous Clashes With SEC Chair Gary Gensler

Various lawmakers, mostly from the Republican party, have been vocal critics of the SEC’s approach to digital assets for years. Perhaps most notably, Representative Tom Emmer has criticized the Commission when it comes to its actions pertaining to cryptocurrencies even calling it a “shakedown authority” in the summer of 2022.
Patrick McHenry has also been critical of the SEC approach for some time. He famously challenged Gary Gensler during a recent testimony asking him whether Ethereum can be considered a security but received no clear answer. The Representative also already sought, and is again seeking in today’s letter, more clarity on how cryptocurrency firms can register with the Commission.
Various voices from within the industry, Coinbase likely being the most notable example, have on multiple occasions criticized the Commission for its lack of willingness to communicate with the firms that wish to remain compliant. Hester Peirce, a Republican Commissioner within the SEC, has raised a similar point following several of her agency’s various recent actions pertaining to digital assets.
Finance is changing.
Learn how, with Five Minute Finance.
A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
Awesome
You’ve subscribed.
You’re well on your way to being in the know.

Do you think the SEC will comply with the Representatives’ inquiry before the deadline? Let us know in the comments below.

0 people liked this article

Related Articles

Blog
KSN Token: A Revolutionary Solution for Decentralized Finance
KSN Token one of the best cryptocurrency. A revolutionary solution for decentralized finance.
1 year ago
2m"
Market Musing-g
BTC Price Plunges $1,000+ On Rumors That Govt Wallets Are On the Move
Just two weeks after a similar event rocked the market, a false alert, allegedly coming from Arkham Intelligence, caused the price of Bitcoin to drop more than $1,000. The post BTC Price Plunges $1...
1 year ago
5m"
NFTs
PEPE Coin Unleashes a New Era for NFT Purchases on OpenSea
Buy NFTs with PEPE coins on OpenSea as the project's unique tokenomics take the crypto world by storm, offering a new way to invest in digital assets.
1 year ago
2m"
Market Musing-g
Icahn Enterprises Under Federal Investigation After Hindenburg’s Report
In today’s securities filing, the company revealed that it is under investigation by federal prosecutors. The post Icahn Enterprises Under Federal Investigation After Hindenburg’s Report app...
1 year ago
7m"
Market Musing-g
Arbitrum price analysis: ARB shows signs of recovery as price rises to $1.12. lower high set?
Today’s Arbitrum price analysis shows signs of an uptrend, as the price underwent a significant increase in the last 24 hours. The coin went through severe losses as the market was supportive of th...
1 year ago
4m"
Market Musing-g
UK National Pleads Guilty to Stealing $8 Million in Crypto and Hacking Twitter Accounts
Prosecutors said he used his sophisticated technological prowess, such as SIM Swap and Cyberstalking, for malicious purposes.
1 year ago
2m"