News

Crypto Draft Bill: Gary Gensler To Appear Before US House Committee

US Representative Maxine Waters sought Securities and Exchanges Commission (SEC) Chair Gary Gensler views on crypto draft bill.
Published by
Crypto Draft Bill: Gary Gensler To Appear Before US House Committee

Crypto Market News: US Representative Maxine Waters sought Securities and Exchanges Commission (SEC) Chair Gary Gensler and Treasury Secretary Janet Yellen’s views on the legislative proposal to revise the market structure related to digital assets. The development comes after leaders of the House Financial Services Commission and Agriculture Committee recently introduced a draft bill for a clearer framework and guidelines in the crypto industry. Interestingly, the SEC Chair had in recent times faced community criticism for describing all cryptocurrencies except Bitcoin as securities.

Also Read: Spot Bitcoin ETF: Cathie Wood’s Ark Invest is First in Line

In the first week of June 2023, the crypto market witnessed one of the most intense enforcement actions in the form of the lawsuits against Coinbase and Binance. The two top crypto exchanges were charged with violating securities laws.

Response To Draft Proposal

In this regard, Representative Waters requested that Gensler come before the House Financial Services Committee members to brief them on his views on the draft proposal. Details of when Gensler will appear before the committee will be revealed in his written response to be submitted by the end of June 2023. Similarly, Yellen is expected to submit a brief on her response by the same date. The letter to Gensler said,

“In your response, you please explain the impact of this draft regulation on the SEC’s existing authorities, its mission, and ability to protect investors, maintain fair orderly efficient markets.”

It should be noted that a Summary Judgment in the SEC lawsuit against Ripple is expected to be delivered any time before the end of 2023. The outcome could potentially have a significant bearing on the crypto market, in that it could act as a legal precedent in the securities vs commodities debate.

Also Read: Why July Is Crucial For Ripple Vs SEC Lawsuit, XRP Price & Overall Crypto Market?

Advertisement

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Uncategorized

Bitcoin Crash Incoming? Tom Lee Backs Peter Brandt’s 50% Decline Prediction Despite Strong ETF Inflows

BitMine’s Tom Lee and veteran trader Peter Brandt have both warned of a potential 50%…

October 24, 2025
  • News

Breaking: JPMorgan Enables Institutions to Use Bitcoin, Ethereum as Collateral

In a ground-breaking Bitcoin news development today, financial giant JPMorgan on Friday said it plans…

October 24, 2025
  • News

Changpeng Zhao Comeback? PolyMarket Set 62% Odds of Binance Return by December Following Trump Pardon

In fresh developments, there has been growing speculation that Changpeng Zhao (CZ) could return to…

October 24, 2025
  • News

Matrixport Predicts Market Direction as $6B Bitcoin, Ethereum, XRP Options Expire Today

Traders are bracing for another crypto options expiry and US CPI inflation release today, with…

October 24, 2025
  • News

Why is Crypto Market Up Today (Oct 24)

The crypto market is glowing green as bullish sentiment returns. This comes amid positive developments…

October 24, 2025
  • News

Breaking: 21Shares Amends Sui ETF with Staking, Nasdaq Listing, Other Key Details

21Shares updates its Sui ETF application with the U.S. Securities and Exchange Commission (SEC). The…

October 24, 2025