America

Chair

Gary

Senate Republicans have introduced legislation that would require the SEC chair, currently Gary Gensler, to testify before Congress twice a year.&nbsp; 
This move comes amid <a href="https://crypto.news/republicans-urge-sec-gensler-to-repeal-sab-121/" target="_blank">mounting criticism</a> of SEC Chair <a href="https://crypto.news/tag/gary-gensler/" target="_blank">Gary Gensler’s</a> leadership and the agency’s approach to regulating the digital asset sector. 
As reported by Fox Business, the proposed bill, the “Empowering Main Street in America Act,” <a href="https://www.foxbusiness.com/politics/tim-scott-sec-hearing" target="_blank">would extend provisions</a> from the Dodd-Frank Act to include a mandate for the <a href="https://crypto.news/tag/sec/" target="_blank">SEC</a> chair’s biannual appearance.&nbsp; 
This follows a <a href="https://crypto.news/reps-grill-gensler-and-rogue-sec-on-crypto-oversight/" target="_blank">postponed</a> hearing originally scheduled for Gensler before the Senate Banking Committee.&nbsp; 
The day before, the House Financial Services Committee <a href="https://crypto.news/reps-grill-gensler-and-rogue-sec-on-crypto-oversight/" target="_blank">scrutinized</a> Gensler, with members of both parties questioning his approach to crypto regulation and the broader financial market. 
Senate Banking Committee Ranking Member Tim Scott, a key advocate for the bill, criticized the postponement, viewing it as indicative of a lack of accountability under Gensler’s leadership, per Fox Business.&nbsp; 
Scott and nine other Senate Republicans argued that more frequent testimony is essential to ensure the SEC maintains its mission of protecting investors, facilitating capital formation, and promoting fair and orderly markets. 
 You might also like: <a rel="" href="https://crypto.news/why-did-caroline-ellison-get-such-a-light-sentence/"> Ahead of today’s Congressional hearing on SEC oversight, Republicans urged Gensler to repeal SAB 121 </a> 
<h2 class="wp-block-heading" id="gensler-vs-crypto">Gensler vs. Crypto</h2> 
Biden-appointed Gensler has vocally expressed skepticism toward crypto regulation. He came out&nbsp;<a href="https://crypto.news/fit21-act-opposed-by-secs-gensler-cites-risks-to-investors-and-markets/" target="_blank">forcefully against the FIT21</a>&nbsp;bill after it was passed in the House.&nbsp; 
The crypto industry mostly views Gensler with skepticism and frustration. Many believe his strict&nbsp;<a href="https://crypto.news/sec-chairman-gensler-compares-crypto-industry-to-wild-west/" target="_blank">enforcement approach</a>&nbsp;and classifying most crypto assets as securities have stifled innovation and created legal uncertainty​. 
Gensler’s tenure <a href="https://crypto.news/top-gop-lawmakers-scrutinize-secs-gensler-on-hiring/" target="_blank">has faced</a> bipartisan pushback, particularly regarding the SEC’s handling of digital assets.&nbsp; 
Critics argue that the agency’s aggressive enforcement actions have caused uncertainty in the crypto market. These concerns were recently highlighted during a <a href="https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=409374" target="_blank">congressional hearing</a> in which all five SEC commissioners, including Gensler, were pressed on their stance on cryptocurrency oversight.&nbsp; 
Senate Republicans are aiming for greater accountability and transparency in the SEC’s regulatory decisions with the Empowering Main Street in America Act. They want to ensure the SEC remains transparent as the financial landscape continues to evolve. 
On Sept. 24, The SEC <a href="https://crypto.news/sec-charges-trusttoken-and-truecoin-over-stablecoin-fraud/" target="_blank">charged</a> TrueCoin and TrustToken with securities violations over unregistered offerings of TUSD and TrueFi, resulting in a settlement with fines totaling over $500,000. The case adds to the SEC’s growing enforcement actions against crypto firms, with industry fines surpassing $7 billion since 2013. 
 You might also like: <a rel="" href="https://crypto.news/turkey-decides-against-taxing-crypto-profits-this-year/"> SEC charges TrustToken and TrueCoin over stablecoin fraud </a>

Republicans introduce bill forcing Gary Gensler to testify biannually

Table of Contents

crypto.news

Other articles published on Sep 25, 2024

Banana Gun Pledges $3 Million Refund for Hacked Users, Implements New Security Protocols

Legendary Glitch Sends XRP to $9,000 On This Top Exchange. XRP Army Reacts

The Ethereum (ETH) Based Utility Memecoin Cutoshi (CUTO) Ready To Outperform Rivals WIF & BOME

PayPal Expands Cryptocurrency Services for U.S. Businesses

What Is Donald Trump’s New Crypto Project, World Liberty Financial?

Circle Unveils New Tool to Supercharge Blockchain Compliance

Join our free newsletter for daily crypto updates!