US Congressman Warren Davidson is urging the SEC to fire its chair Gary Gensler due to his controversial actions against cryptocurrency and his inconsistent treatment of similar products, which could potentially hinder digital asset development in the US.
The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.
SEC chief Gary Gensler has waged war against the cryptocurrency industry, evolving from an optimistic view to becoming more hardline and filing lawsuits against platforms like FTX, Binance, and Ripple. Despite recent legal setbacks, Gensler remains determined to regulate the sector.
Ripple's chief legal officer criticizes the SEC's latest submission as a "contradictory shift" and highlights SEC Chair Gary Gensler's inconsistency and appetite for expanded regulation.
Despite recent losses in court, SEC Chair Gary Gensler remains firm in his belief that his agency should regulate cryptocurrencies as securities, stating that most crypto assets meet the Howey Test and should comply with securities laws. The SEC's defeats in cases against Ripple and Grayscale have not deterred Gensler's stance, and he plans to convey this to lawmakers during a Senate Banking Committee hearing.
U.S. SEC Chair Gary Gensler criticized the crypto industry during a Senate hearing but did not provide any information on the regulator's stance on Bitcoin spot ETF applications, which are currently under review.
Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), is facing criticism for his alleged corrupt practices and his crackdown on cryptocurrencies, with some accusing him of selectively targeting companies and undermining justice and market integrity.
Republican lawmaker Rep. Andy Barr accused SEC Chair Gary Gensler of "kneecapping" U.S. capital markets with excessive regulatory proposals during a House Financial Services Committee hearing, criticizing rules related to data analytics, artificial intelligence, and climate disclosure.
SEC Chair Gary Gensler criticized the practices of crypto companies and their handling of customer assets in his congressional testimony, while remaining silent on the SEC's plans for spot bitcoin ETFs after a recent legal setback. Gensler also noted that the agency has not yet decided how to proceed with a judge's ruling regarding bitcoin ETF applications. Additionally, Gensler mentioned that the SEC is preparing for a potential government shutdown, which would significantly slow down reviews and approvals of filings.
SEC Chair Gary Gensler faces criticism from lawmakers, including accusations of kneecapping capital markets and calls for his firing, during a congressional hearing on market oversight, while also dodging questions about Bitcoin and Pokemon cards.
The Securities and Exchange Commission, led by chair Gary Gensler, is increasing its efforts to enforce regulations and will continue to go after wrongdoers in the cryptocurrency industry.
SEC Chair Gary Gensler announced that the regulatory body took 780 enforcement actions, resulting in $5 billion in judgments and orders, with $930 million distributed to harmed investors, and made critical remarks about the cryptocurrency market's noncompliance during his speech at the 2023 Securities Enforcement Forum.
