Cryptocurrency and the SEC's Oversight Hearing

SEC Chairman Gary Gensler will finally be testifying before Congress at an oversight hearing on Tuesday. Pro-Crypto lawmaker Representative Patrick McHenry is now chairman of the committee, and has been at odds with the regulator's dismissive attitude towards Congress. There are three major topics on the agenda related to the crypto industry: a March rulemaking proposal, which would broaden the definition of a securities exchange; tighter rules around how custody digital assets are accounted for by passing the rulemaking procedure); and changes proposed in February that would require SEC registered investment advisors to custody their clients digital assets with a registered custodian.