Gary Gensler Hearing Before US Financial Committee: What To Expect
The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is set to testify in a full committee hearing of the US Financial Services Committee on September 27, 2023. In the past, Patrick McHenry, the Chairman of the House Financial Services Committee, had been heavily critical of the SEC’s overreach in crypto regulation.
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US SEC Oversight: Gary Gensler Hearing
The House Financial Services Committee hearing titled “Oversight of the Securities and Exchange Commission” is scheduled for Wednesday, September 27, 2023 at 10 AM eastern standard time before the full committee. Going by the previous hearings hosted by the committee, the SEC Chair may be in for a tough line of questioning during the hearing. In a committee hearing in April 2023, Gensler was grilled on his insistence in the pre-hearing testimony on keeping the crypto assets market applicable under the US securities laws.
In response, the SEC Chair was asked if Ethereum (ETH) was a security or a commodity but he chose only to avoid a straight reply. This time around, the lawmakers have the flexibility to quote the XRP lawsuit Summary Judgment, which said the sale of tokens to retail buyers was not a security, which nullifies the entire argument made by the Commission. Similarly, the committee members may be inclined to ask Gensler about the SEC’s views on approving the spot Bitcoin ETFs in the United States.
Any update around developments in the SEC’s review of the spot ETF applications would encourage Bitcoin price in the upside trajectory. Currently, the market sentiment is inclined towards a wait and watch trend while participants await the SEC’s decision. A Bloomberg report said that in the last nine weeks, an outflow of $0.50 billion was seen from global crypto platforms.
Not The SEC’s Views
In a recent hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Gensler doxed the question on spot ETFs by saying the agency was still reviewing not just Grayscale’s motion to grant an approval but also by other companies. Mainstream financial giants Blackrock, Fidelity and Ark Invest are among those vying for a spot ETF.
In another interesting development since the SEC’s XRP lawsuit defeat, Gensler had been maintaining that his public comments are not that of the SEC’s. This is apparently a move to avoid backlash on the SEC as a whole for Gensler’s comments.
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