GOP Lawmakers Accuse SEC Chair of 'Kneecapping' Markets With Proposed Regulations

Rep. Andy Barr accused SEC Chair Gary Gensler of "kneecapping" U.S. capital markets with proposed regulations.
Republicans criticize the pace and scope of SEC rulemaking under Gensler, including AI and climate disclosure rules.
Barr suggested the climate disclosure rule aims to "scarlet letter" fossil fuels, which Gensler denied.
Gensler said the climate rule brings consistency and helps investors make decisions.
Rep. Joyce Beatty said a government shutdown would "kneecap" SEC employees and other hard-working Americans.

thehill.com

Relevant topic timeline:

9/12/2023

Gensler to push for crypto regulation despite recent SEC court losses

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.

9/12/2023

SEC Chief Gensler Renews Crypto Criticism, But Bitcoin ETF Prospects Remain Unclear

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.

9/18/2023

SEC's Gensler Accused of Overreach in Crypto Crackdown While Ignoring Meme Stock Mania

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.

9/27/2023

SEC Chair Gensler Faces Growing Backlash Over Aggressive Regulatory Agenda

SEC Chair Gary Gensler is facing increasing backlash from the financial services industry as they adopt a more confrontational stance, with some industry members suing him over his rulemaking proposals.

9/27/2023

SEC Chief Gensler Warns of Crypto Risks, Government Shutdown Dangers

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.

9/28/2023

Gensler Faces Backlash at House Hearing, Accused of Stifling Innovation and Pushing 'Woke' Agenda

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.

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Posted 9/27/2023, 6:46:00 PM

GOP Lawmakers Accuse SEC Chair of 'Kneecapping' Markets With Proposed Regulations

Rep. Andy Barr accused SEC Chair Gary Gensler of "kneecapping" U.S. capital markets with proposed regulations.
Republicans criticize the pace and scope of SEC rulemaking under Gensler, including AI and climate disclosure rules.
Barr suggested the climate disclosure rule aims to "scarlet letter" fossil fuels, which Gensler denied.
Gensler said the climate rule brings consistency and helps investors make decisions.
Rep. Joyce Beatty said a government shutdown would "kneecap" SEC employees and other hard-working Americans.

thehill.com

Relevant topic timeline:

9/12/2023

Gensler to push for crypto regulation despite recent SEC court losses

9/12/2023

SEC Chief Gensler Renews Crypto Criticism, But Bitcoin ETF Prospects Remain Unclear

9/18/2023

SEC's Gensler Accused of Overreach in Crypto Crackdown While Ignoring Meme Stock Mania

9/27/2023

SEC Chair Gensler Faces Growing Backlash Over Aggressive Regulatory Agenda

9/27/2023

SEC Chief Gensler Warns of Crypto Risks, Government Shutdown Dangers

9/28/2023

Gensler Faces Backlash at House Hearing, Accused of Stifling Innovation and Pushing 'Woke' Agenda