The United States Securites and Exchange Commission chief Gary Gensler is set to testify before the the House Financial Services Committee for the first time.
In an interview, Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face Congress’ questions over his approach towards the crypto ecosystem on April 18.
Republicans will hold @GaryGensler accountable for his flagrant disregard for the law, jurisdiction, and the APA.
— Financial Services GOP (@FinancialCmte) March 28, 2023
The House Financial Services Committee is in charge of regulating all aspects of the financial services sector, including banking, securities and digital assets in the U.S.
During his interview, McHenry noted that it will be the first oversight hearing of the SEC. The hearing will be focused on Gensler’s rulemaking and his approach towards crypto assets. He added further that the committee will have a large general oversight over the SEC and would take a serious approach in terms of “laying down a regulatory sphere for digital assets.”
SEC chief’s approach towards crypto has turned many heads over the years, and many from the Democrat party have voiced their concern against his approach. Many in the crypto industry believe that the party’s anti-crypto stance could be disastrous for its 2024 election campaign.
Dennis Porte, the co-founder of the Satoshi act fund, said that many pro-crypto and pro-Bitcoin Democrats are lining up to voice their opposition to their own party’s stance.
Pro-Crypto & Pro-#Bitcoin Democrats are lining up to voice their opposition to their own party’s stance.
Democrats are on the verge driving their own voters away and losing support from this important new voter block. In my opinion it could cost Democrats the 2024 election. pic.twitter.com/3kZkTOAjhz
— Dennis Porter (@Dennis_Porter_) March 27, 2023
The U.S. regulators have taken a hard stance in crypto with the start of 2023, with the SEC issuing Wells notice to a number of crypto firms including Coinbase and BUSD. On the other hand, CFTC has filed a new lawsuit against Binance. However, the crypto fraternity has always pointed to the fact that regulations would be decided by Congress and not individual agencies.