United

Chair

Gary

Read

Grayscale Bitcoin Trust

<div class="coingape"> 
 <h2 id="crypto-misconduct-daunting">Crypto Misconduct Daunting</h2> 
 <p>In response to a question on the US SEC’s strength in terms of having enough staff for enforcing regulation on the crypto ecosystem, Gensler said the agency is far from being overstaffed. <a rel="noopener noreferrer nofollow" title="United States" href="https://thebittimes.com/tag/united-states.html">United States</a> Senator Catherine Cortez Masto had asked whether the agency was understaffed particularly on the enforcement side. Gensler stated that the agency is only 3% larger in terms of staff count compared to 7 years ago.</p>  
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 <p>“The markets have grown 50-60% in terms of activity and complexity.” He added that in terms of crypto, the SEC Chair said,</p> 
 <blockquote> 
  <p>“I have been around finance 44 years now and I have never seen a field that’s rife with more misconduct. It’s daunting.”</p> 
 </blockquote> 
 <p>In October 2022, CoinGape reported that the SEC staff lacks knowledge required to draft rules for the crypto market. It was revealed that over 20% of the senior attorneys and officials, likely as a result of Gensler’s failure as the Chair.</p>  
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 </div> 
 <h2 id="sec-chair-takes-caution">SEC Chair Takes Caution</h2> 
 <p>In his initial remarks, the SEC Chair gave a disclaimer that his comments during the hearing are not representative of the agency or its staff. This is in continuation to the recent practice Gensler began in context of the SEC receiving criticism over his comments against the crypto market. Importantly, the SEC Chair had in his pre-hearing testimony attempted to avoid questions around the agency’s recent setbacks including in the XRP and Grayscale lawsuits.</p> 
 <p>Also Read: <strong>SOL Price Defies Bearish FTX Liquidation Sentiment, Signal To Buy Solana?</strong></p> 
 <h2 id="no-comment-on-ongoing-crypto-lawsuits">No Comment On Ongoing Crypto Lawsuits</h2>  
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 <p>In an interesting turn of events before the hearing, <a rel="noopener noreferrer nofollow" title="Gary Gensler" href="https://thebittimes.com/tag/gary-gensler.html">Gary Gensler</a> had mentioned in his testimony that he would not be able to comment on any active and ongoing litigation. The SEC Chair stated,</p> 
 <blockquote> 
  <p>“While I’m happy to discuss the SEC’s work, I will not be able to comment on any active, ongoing litigation.”</p> 
 </blockquote> 
 <p>In this respect, Gensler had indirectly denied a comment on the some of the most important lawsuits in the crypto market, like the one on Grayscale‘s application for a Bitcoin ETF and the XRP lawsuit. In the recent judgments in both of the lawsuits, the US SEC faced defeat with the Summary Judgment in the XRP lawsuit going Ripple’s way and the judge who ruled in the Grayscale Vs SEC lawsuit granting the company’s motion to approve conversion of its Grayscale Bitcoin Trust into a spot Bitcoin ETF.</p> 
 <p>Earlier, CoinGape reported that crypto exchange Coinbase called for having a legislative approach to create crypto regulation to ensure consumer protection. The US based exchange argued that the regulatory uncertainty of the enforcement only approach puts 4 million jobs at risk by 2030.</p> 
 <p>Also Read: <strong>Bitcoin Can Quickly Rally To $70000 After Fed Decision, Says BitMEX Arthur Hayes</strong></p> 
 <p>&nbsp;</p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gary-gensler-in-us-senate-hearing-crypto-is-rife-with-fraud-tbt62453.html">https://thebittimes.com/gary-gensler-in-us-senate-hearing-crypto-is-rife-with-fraud-tbt62453.html</a></p>

Gary Gensler In US Senate Hearing: Crypto Is Rife With Fraud

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