The Breakdown Defeated-Seeming Gensler Takes Congressional Shellacking
Sep 26, 2024
In a fiery congressional hearing, SEC Chairman Gensler faced bipartisan backlash over his agency's handling of cryptocurrency regulations. Lawmakers voiced their frustration about the seeming stifling of innovation, particularly in the areas of stablecoin regulation and classification of crypto assets. The scrutiny also highlighted deep internal morale issues within the SEC. As elections loom, the future of the agency’s approach to digital assets remains uncertain.
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McHenry's Criticism
- Chairman McHenry criticized Gary Gensler's SEC for being a "rogue agency".
- He cited overturned rulings and an aggressive, non-innovation-focused rulemaking agenda.
Imprecise Terminology
- The SEC's imprecise terminology, like "crypto asset securities," creates confusion.
- Hester Peirce suggests this ambiguity lets them imply tokens are securities, impacting secondary sales.
Emmer's Tirade
- Tom Emmer accused Gensler of encouraging staff loyalty over law, citing the Debt Box case.
- He highlighted the SEC's misleading of the court and lack of accountability for it.