At a recent congressional hearing, U.S. Securities and Commission (SEC) Chairman Gary Gensler and his fellow commissioners faced scrutiny over the agency’s handling of asset regulation digital.
The meeting was led by Chairman Gary Gensler, who has been criticized for his stance on cryptocurrency. The nearly four-hour hearing held by the House Financial Services Committee was intense. Lawmakers took turns challenging Gensler, expressing concerns about the SEC’s strict approach to the growing crypto sector.
One moment that really stood out to me was when Rep. Warren Davidson (R-OH) pressed Gensler about “Operation Choke Point 2.0.” a term used to describe government efforts to stifle the growth of the crypto market. Gensler responded, “I’ve never heard that term,” which surprised many in the room following rumors that he had discussed it with the Federal Reserve chairman behind closed doors.
Rep. Tom Emmer (R-MN), a big proponent of cryptocurrency, didn’t hold back his feelings. He said, “We could not have had a more destructive SEC Chairman,” making it clear that SEC rules are hindering the growth of cryptocurrency in the country.
To add to the drama, SEC Commissioner Hester Peirce also spoke at the hearing. She has openly criticized the SEC’s unclear rules regarding crypto assets. “We have taken a legally imprecise view to mask the lack of clarity in the regulations,” she said. Peirce went on to say that this was something they should have “admitted a long time ago”.
She also blamed the SEC’s hardline stance on Gensler, saying, “The agenda is the president’s agenda.” »
Also read: Gary Gensler repeats it: Bitcoin is not a security
