Patrick

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Gary

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 <p class="is-style-lead">During a Sep. 27 hearing, policymakers hammered Gary Gensler over the Security and Exchange Commission’s (SEC) non-compliance with requests for documents including records related to bankrupt <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange FTX and its founder Sam Bankman-Fried.</p> 
 <p>Rep. Patrick McHenry voiced skepticism regarding Gensler’s commitment to remedying bipartisan legislative concerns and protecting investors, noting that Congress’s patience was “wearing thin”.</p> 
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    <p lang="en" dir="ltr"> @SECGov Chair @GaryGensler continues his blatant disregard for Congress in pursuit of a radical agenda that threatens the integrity of our financial markets, protection of investors, &amp; our economic competitiveness. Our patience is wearing thin.<br><br> #WATCH my opening remarks ️ pic.twitter.com/MTJIdNaBGD</p>— Patrick McHenry (@PatrickMcHenry) September 27, 2023
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 <p>“Bitcoin does not meet the Howey test which is the law of the land about being an investment contract,” Gensler said about treating Bitcoin as a security. The SEC Chair did however not categorically affirm Bitcoin’s commodity status.</p> 
 <p>Several policymakers mentioned cryptocurrency and FTX’s November 2022 implosion, pointing to billions in investor losses and a handful of bankruptcies caused by widespread malpractice by executives.</p> 
 <p>While retaining rhetoric that speaks to blatant fraud and misconduct in the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry, the SEC boss stressed his view of digital asset operators actively ignoring existing financial laws and added that <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies fall within the scope of existing securities rules.</p> 
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 <p>Gensler’s time at Goldman Sachs was mentioned by Rep. Tom Emmer.</p> 
 <p>The policymaker implied that the SEC is no longer an impartial regulator due to Gensler’s political agendas and affiliations with Wall Street stakeholders.</p> 
 <p>Rep. Andy Barr also opined that Gensler was “kneecapping” financial markets with overboard bureaucracy while Rep. Warren Davidson suggested that Congress fire Gensler.</p> 
 <p>Speaking on spot Bitcoin exchange-traded funds (ETFs), the Grayscale case, and approving Bitcoin ETF filings, the SEC Chair pointed to his commission’s continued review of submissions.</p> 
 <p>The regulator delayed its decision on ARK 21Shares’ ETF application and other filings until January 2024, as <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.news reported.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC’s Gensler avoids Bitcoin ETF question in latest Senate hearing 
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 <p>Gensler added that the SEC could engage U.S. courts over a ruling that found America’s securities watchdog “arbitrary and capricious” in denying a spot Bitcoin ETF while the commission approved futures-related <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> funds.</p> 
 <p>In a letter on Sep. 26, some 29 members of the House Financial Services Committee urged the SEC to suspend <a rel="dofollow" title="rulemaking" href="https://thebittimes.com/tag/rulemaking.html">rulemaking</a> until policy impact can be assessed.</p> 
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  <object class="wp-block-file__embed" data="https://crypto.news/app/uploads/2023/09/sec-bitcoin-spot-etf-letter-signature-check.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of House Financial Services Committee member's letter to SEC Chair Gary Gensler."></object>House Financial Services Committee member’s letter to SEC Chair Gary Gensler
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 <p>Due to an impending government shutdown, the SEC may operate without over 90% of its staff over a period of time. </p> 
 <p>Although this development might hamper internal reviews and previous ETF decision deadlines, the SEC acknowledged at least one filing ahead of schedule. </p> 
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    <p lang="en" dir="ltr">SEC on an absolute tear at the moment. They just posted @Grayscale's 1933 act #Ethereum Futures filing. Expected this thing on ~10/3. Expecting the @hashdex spot Ethereum ETF filing to be posted next I guess? https://t.co/OysvjH4NQn pic.twitter.com/UNtjLyKnO9</p>— James Seyffart (@JSeyff) September 27, 2023
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Grayscale urges SEC to approve its spot Bitcoin ETF filing 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/sec-boss-scrutinized-over-crypto-rulemaking-and-ftx-ties-tbt64262.html">https://thebittimes.com/sec-boss-scrutinized-over-crypto-rulemaking-and-ftx-ties-tbt64262.html</a></p>

SEC boss scrutinized over crypto rulemaking and FTX ties

TheBitTimes

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