Ethereum

Patrick

Chair

<p>Could another SEC conflict be brewing? A highly anticipated SEC crypto hearing is set for September 18, where former SEC officials will testify about the agency’s controversial approach to regulating digital assets.</p>   
<p>The hearing, titled <em>“Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,”</em> will explore the SEC’s heavy focus on enforcement and its alleged overreach in the cryptocurrency industry.</p>   
<p>Fox Business reporter Eleanor Terrett broke the news, revealing that the entire five-member SEC commission will testify together for the first time since 2019. The next day, SEC Chair Gary Gensler will face separate questioning from the Senate, increasing the pressure on his leadership.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/EleanorTerrett/status/1835842912174604369 
 </div>
</figure>   
<p>Hold on, but why should you care? The outcome of this hearing could have implications for investors, businesses and the future of crypto! Read on to know more. </p>   
<h2 class="wp-block-heading" id="h-key-witnesses-prepare-to-speak"><strong>Key Witnesses Prepare to Speak</strong></h2>   
<p>Former SEC officials Dan Gallagher and Michael Liftik will be among the key witnesses. Gallagher, now Chief Legal Officer at Robinhood Markets, was an SEC Commissioner from 2011 to 2015. Liftik, a partner at Quinn Emanuel, was Deputy Chief of Staff to former SEC Chair Mary Jo White. </p>   
<p>Both are expected to give insights into the SEC’s internal decision-making and regulatory challenges, especially under Gensler.</p>   
<p>Other witnesses include Teddy Fusaro, President of Bitwise, Jennifer Schulp, Director at the Cato Institute, and Lee Reiners, a fellow at Duke University. Together, they will discuss the broader consequences of the SEC’s approach, which has focused on enforcement rather than offering clear guidelines.</p>   
<h2 class="wp-block-heading" id="h-gensler-faces-increasing-scrutiny"><strong>Gensler Faces Increasing Scrutiny</strong></h2>   
<p>Gensler’s leadership has been criticized for its aggressive actions against crypto companies, along with a lack of regulatory clarity. His enforcement-driven approach has faced backlash, with many calling for clearer rules.</p>   
<p>In a humorous post on X, MetaLawMan noted that Representative Patrick McHenry is expected to once again ask Gensler whether Ethereum should be classified as a security or a commodity. Additionally, there’s speculation that SEC Commissioner Hester Peirce, known as “Crypto Mom,” could be preparing for a larger role within the agency.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/MetaLawMan/status/1835859346808328296 
 </div>
</figure>   
<p>Adding to Gensler’s troubles is a separate probe initiated by House Republicans into the SEC’s hiring practices. Allegations of political bias in recruitment have raised questions about the impartiality of the agency, putting Gensler under even more scrutiny.</p>   
<h2 class="wp-block-heading" id="h-a-crucial-moment-for-u-s-crypto-regulation"><strong>A Crucial Moment for U.S. Crypto Regulation</strong></h2>   
<p>This hearing could be a turning point for U.S. crypto regulation. With growing dissatisfaction over the SEC’s tactics, the testimonies may lead to important changes. As the crypto industry waits for clearer guidance, these discussions could help shape the future of digital assets in the U.S.</p>   
<p><strong>What’s your take on the SEC’s crypto crackdown? Share your thoughts.</strong></p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 17, 2024

Orderly Network Announces AI Bounty Program to Boost the Future of Web3 Trading

WazirX Cyber Attack And The Stolen Funds Are Not Related To Binance

Phantom Wallet Adds Easy Swaps with Mayan Finance

Fetch.ai (FET) Eyes Key Resistance at $1.50—Breakout Imminent?

Expert Says XRP Moment of “If you can’t beat them, join them” Is Coming

eToro Limits U.S. Crypto Offerings to BTC, ETH, and BCH After $1.5M SEC Settlement

Join our free newsletter for daily crypto updates!