2024

Chair

Gary

In&nbsp;a&nbsp;recent,&nbsp;Congressional&nbsp;hearing&nbsp;U.S.&nbsp;Securities&nbsp;and&nbsp;Commission&nbsp;(SEC)&nbsp;Chairman&nbsp;Gary&nbsp;Gensler&nbsp;and&nbsp;his&nbsp;fellow&nbsp;commissioners&nbsp;faced&nbsp;intense&nbsp;scrutiny&nbsp;over&nbsp;the&nbsp;agency’s&nbsp;handling&nbsp;of&nbsp;digital&nbsp;asset&nbsp;regulation 
The meeting was led by Chairman Gary Gensler, who was blasted regarding his stance on cryptocurrency.&nbsp; The nearly four-hour hearing hosted by the House Financial Services Committee was intense.&nbsp; Lawmakers took turns challenging Gensler, voicing their concerns about the SEC’s strict approach to the growing crypto industry. 
One moment that really stood out was when Rep. Warren Davidson (R-OH) pressed Gensler about “<a href="https://www.piratewires.com/p/crypto-choke-point" target="_blank" rel="noreferrer noopener nofollow">Operation Choke Point 2.0</a>.” a term used to describe an effort that the government is trying to stifle the growth of the crypto market. Gensler responded, saying, “I’ve never heard that term,” which surprised many people in the room following the rumors that he had discussed it with the Chair of the Federal Reserve behind closed doors. 
Rep. Tom Emmer (R-MN), a big supporter of cryptocurrency, didn’t hold back his feelings. He said, “We could not have had a more destructive Chairman of the SEC,” making it clear that the SEC’s rules are hindering the growth of cryptocurrency in the country. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 I confronted SEC Chair Gary Gensler with a deceptively simple question: Is a Yankee ticket a security? Mr. Gensler claims that NFTs are securities. I see no legal difference between a Yankee ticket that offers access to a Yankee game and an NFT that offers access to an… <a href="https://t.co/4ykD4MFV8P" target="_blank">pic.twitter.com/4ykD4MFV8P</a>— Rep. Ritchie Torres (@RepRitchie) <a href="https://twitter.com/RepRitchie/status/1838652756246122507?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 24, 2024</a>
 </blockquote> 
 </div>
</figure> 
To add to the drama, SEC Commissioner Hester Peirce also spoke out during the hearing. She openly criticized the SEC’s unclear rules about crypto assets. “We’ve taken a legally imprecise view to mask the regulatory lack of clarity,” she said. Peirce went on to say that it is something that they should have “admitted to long ago” 
She also placed blame on the SEC’s tough stance squarely on Gensler, saying, “The agenda is the Chairman’s agenda.” 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/09/26/gary-gensler-says-it-again-bitcoin-is-not-a-security/" target="_blank" rel="noreferrer noopener">Gary Gensler Says It Again Bitcoin Is Not a Security</a> 
</blockquote>

SEC Chairman Faces Congressional Wrath Over Crypto Regulation

The Crypto Times

Other articles published on Oct 3, 2024

Ava Protocol and Sony’s Soneium Join for No-Code Blockchain

Market Rule Number 1 About 'Uptober' Pump Shared by SHIB Executive

Top 3 Cryptos to Invest in by 2026

IntelMarkets surpasses $900K raised as SHIB traders enter its successful presale

Shiba Inu Price Prediction: Will SHIB Price Crash to 0?

Grayscale Report: The Role of Crypto in the 2024 Election—Part 2

Join our free newsletter for daily crypto updates!