SEC Chair, CFTC To Be Testified Over Crypto Bill: Sources

Gary Gensler, Chairperson of the U.S. Securities and Exchange Commission (SEC) landed under scrutiny over his approach to the crypto industry. Many key leaders have raised their voices demanding clarity over digital assets regulations.

SEC chair to be testified

Eleanor Terrett, Journalist at Fox Business reported that SEC Chair will be facing testification. However, she added that as per her sources, Gensler will be answering Senate Banking and Housing Democrat questions on September 15, 2022.

She added that Rostin Behnam Commissioner of the CFTC will testify in front of the United States Senate Committee on Agriculture, Nutrition, and Forestry.

Coingape reported that the SEC Chair in an op-ed shared his views on the treatment of crypto markets. He compared digital assets with the car industry.

However, he asserted that there is no reason to give any kind of special status to digital assets. There should be no different treatment from the capital market. SEC Chair mentioned that investors have been indulging in crypto lending platforms that went bankrupt this year.

Meanwhile, it will be interesting to see whether the SEC Chair gets questioned over the Crypto regulations by the Senate. She mentioned that the Senate Ag hearing will be on the recently introduced digital asset bill.

Will CFTC get power to regulate digital assets?

The introduced crypto bill intends to give CFTC the power to regulate all digital commodities. Terrett mentioned that the top watchdogs and key industry players will testify on the bill before it bill goes for voting. However, she added the bill is unlikely to pass this year.

John Deaton, XRP holders’ lawyer mentioned Senator Jack Reed ignored them over time. He questioned whether will he is going to ask the SEC Chair if he supports Empower US. Will they investigate the increasing conflicts of interest and impropriety at the SEC?

Coingape reported that the Commission is trying to push the other regulators aside.