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The U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler has been under the constant scrutiny of Congress for its approach towards the digital asset industry. The crypto market has witnessed the collapse of major tokens, exchanges and lending firms throughout the year.
SEC chair misses major collapse
In order to get things in line, Tom Emmer, United States Representative has stated that they are more concerned now over SEC chair strategy.
Congressman highlighted that the representatives were worried over Gensler’s “indiscriminate and inconsistent” approach towards the crypto community in March 2022. Since then the digital asset market has seen the collapse of Celsius, Voyager, Terra Luna and now FTX crash.
SEC Chair’s made up regulations have been missed by a long margin. The cumulative crypto market cap which touched its all time high of almost $3 trillion in November 2021 now stands at $840 billion. More than $2 trillion has vanished from the market.
The Terra LUNA crash was sort of an alarm bell for the SEC to wake up and make clear yet tough regulations around the market. However, the SEC chair has failed to do so. As the result, the crypto community saw another major crash in 2022.
The collapse of the FTX crypto exchange has put on a much bigger dent in the crypto market. While it has also raised uncertainty among investors.
Gary Gensler to testify publically
Tom Emmer mentioned that Congress doesn’t rely on planted stories in progressive publications to gain details on SEC’s oversight agenda. They are looking forward to Gary Gensler’s public testimony before Financial Services GOP.
However, experts have claimed that the SEC and several other watchdog groups might help SBF to get away from the crisis he made. It is alleged that SBF donated money to members while lobbying for Digital Commodity Consumer Protection Act (DCCPA).
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