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.
Also Read: XRP Price Prediction: Is This Bear Flag Pattern A Threat To Ripple’s Victory Party Rally?
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.
Also Read: CZ Clarifies On Rumors Of Binance’s Stablecoin Delisting In Europe
- Whale Dumps Massive $55 Million in XRP to Ripple as Coin Falls Below $3?
- Aster Token Crashes 10% On DEX Integrity Issues Ahead of Airdrop, What’s Happening?
- Spot Bitcoin ETFs Record 2nd Best Weekly Inflows Ever, Bloomberg Analysts Bullish
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
