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March 29, 2023

SEC Chair Gary Gensler To Face Congress Over Strategy on Digital Assets

By Mehron Rokhy

The Chairman of the U.S. Securities and Exchange Commission (SEC) is set to face Congress over his approach on crypto assets.

In a recent interview with Punchbowl News, Republican Congressman Patrick McHenry, the current Chair of the House of Representatives Financial Services Committee, confirms that SEC Chair Gary Gensler will face Congress on April 18th over his agency’s handling of digital assets.

“This will be our first oversight hearing of the Exchange Commission. This will be about his rulemaking and his approach to digital assets. It’ll be a large focus on general oversight of the Securities and Exchange and Commission, but in terms of policy, a serious approach or us laying down what I hope to spend the next couple of months on, which is a regulatory sphere for digital assets.

He’ll be there on April 18th. I’m glad we’re finally able to announce that and get that going. This will be the first of many regulatory hearings we have through the summer.”

According to the Financial Services Committee, Republican members are looking to hold Gensler responsible for potentially violating the law, overreaching his jurisdiction, and violating the Administrative Procedure Act (APA), which dictates how the government can issue regulations.

Recently, the SEC was also accused by crypto exchange giant Coinbase of overreaching its authority after sending the firm a Wells notice, or a memo that said the regulatory body had made a “preliminary determination” to recommend taking enforcement actions against Coinbase.

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Featured Image: Shutterstock/Ociacia/Andy Chipus