Chair

Gary

Status

<ul>
 <li>All five SEC Commissioners will testify before the House Committee for the first time since 2019, amidst scrutiny of the agency.</li>  
 <li>SEC Chair Gary Gensler faces allegations of violating federal law by considering political affiliations in hiring practices.</li>  
 <li>Former SEC officials will testify on crypto regulation; the debate over Ethereum's status as a security may resurface.</li> 
</ul>  
<p>The five sitting members of the U.S. Securities and Exchange Commission will appear before the House Financial Services Committee next week. This is the first time since 2019, the entire Commission will appear.&nbsp;</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>The session takes place as SEC Chair Gary Gensler is under fire for resorting to illegal hiring practices. He will take the stand separately next Wednesday.</p>  
<h2 class="wp-block-heading" id="h-sec-chair-hiring-practices-under-investigation"><strong>SEC Chair Hiring Practices Under Investigation</strong></h2>  
<p>It is alleged that Gary Gensler <a href="https://cryptonewsland.com/sec-faces-scrutiny-over-token-classification/" target="_blank" rel="noopener noreferrer nofollow">engaged in unlawful discrimination</a> during hiring. He allegedly targeted political orientations of the candidates during hiring. This could infringe the <a href="https://www.eeoc.gov/history/civil-service-reform-act-1978" rel="noopener noreferrer nofollow">Civil Service Reform Act of 1978</a>.&nbsp;</p>  
<p>As a result, Gensler will be in serious trouble, including disqualification from the current office. The case has raised concerns of reputational damage to the agency and also added doubts to its impartiality.</p>  
<h2 class="wp-block-heading" id="h-testimonies-from-former-sec-officials"><strong>Testimonies from Former SEC Officials</strong></h2>  
<p>Furthermore, Dan Gallagher and Michael Liftik, both former officials of the SEC, are expected to testify. Gallagher is now the Chief Legal Officer of <a href="https://robinhood.com/" target="_blank" rel="noopener noreferrer nofollow">Robinhood Markets</a> having worked previously as an SEC Commissioner from 2011 to 2015.&nbsp;</p>  
<p>Liftik is a partner at Quinn Emanuel Urquhart &amp; Sullivan, LLP and was Deputy Chief of Staff. Their testimonies are anticipated to provide some new dimensions regarding the SEC's stance on regulation of cryptocurrencies.</p>  
<h2 class="wp-block-heading" id="h-ongoing-debate-over-ethereum-s-status"><strong>Ongoing Debate Over Ethereum's Status</strong></h2>  
<p>Moreover, analysts are watching to see if the debate over <a href="https://cryptonewsland.com/sec-changes-position-saying-digital-tokens-are-not-securities/" target="_blank" rel="noopener noreferrer nofollow">Ethereum's status as a security</a> will resurface. Crypto lawyer MetaLawMan noted the significance of having all five Commissioners present.</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>He speculated that Committee Chair Patrick McHenry might question Gensler on this issue. Besides, some observers believe SEC Commissioner Hester Peirce may use this opportunity to position herself for a future leadership role.</p>  
<p>These hearings follow recent reports of alleged favoritism in the SEC's hiring process. This has raised concerns about the agency’s compliance with federal hiring regulations. Consequently, the testimonies may provide crucial insights into the SEC's regulatory approach, especially in the cryptocurrency market.</p>  
<p>The upcoming testimonies will address key issues, from hiring violations to crypto regulation. Hence, the hearings could have significant implications for the SEC's future policies and leadership.</p> 
<p>The post <a href="https://cryptonewsland.com/sec-chair-gary-gensler-faces-scrutiny/" rel="noopener noreferrer nofollow">SEC Chair Gary Gensler Faces Scrutiny as Entire Commission Prepares for House Testimony</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

SEC Chair Gary Gensler Faces Scrutiny as Entire Commission Prepares for House Testimony

Table of Contents

Crypto News Land

Other articles published on Sep 17, 2024

Coinpedia Fintech News

Sony announced 10 PlayStation games set to leave PS Plus shortly

Bitcoin (BTC) dominance hits two-year peak after new hike above $61,000

Qubetics Presale Alert: Get Early Access Rewards as Litecoin’s Outlook Improves and Celestia Near...

Coinpedia Fintech News

Avalanche’s Q2 Revenue Slumps, Impacts AVAX Price

Join our free newsletter for daily crypto updates!