- All five SEC commissioners set to testify before the U.S. House Committee on Financial Services next Tuesday.
- Gensler faced scrutiny over the unclear legal status of Ether and alleged misappropriation of funds earlier this year.
All five commissioners of the SEC are scheduled to testify before the U.S. House Committee on Financial Services next Tuesday, according to Fox Business reporter Eleanor Terrett. This event marks the first full commission testimony since 2019 when Jay Clayton led the SEC.
🚨SCOOP: The full five-member @SECGov Commission is preparing to testify in front of @FinancialCmte/@FSCDems next Tuesday. This will be the first time the whole commission, not just the chair, has testified together since 2019. @GaryGensler himself will testify alone in front of…
— Eleanor Terrett (@EleanorTerrett) September 17, 2024
During the 2019 session, the SEC addressed the emerging issues surrounding digital assets and initial coin offerings (ICOs), noting the need for focused interdivisional efforts to balance fostering innovation with protecting investors.
SEC Chairman Gary Gensler is set to testify the following day, Wednesday. Gensler has been a focal point of critique from both cryptocurrency industry leaders and some pro-crypto legislators. His tenure at the SEC is noted for its rigorous “regulation by enforcement” strategy, targeting major crypto entities like Coinbase and Binance.
This approach has sparked concerns among crypto executives, including Ripple CEO Garlinghouse, who argue that such regulatory tactics stifle U.S. innovation and may drive crypto businesses to more accommodating jurisdictions.
Earlier this year, Gensler faced pointed questioning from the House Financial Services Committee regarding the SEC’s lack of clarity on the legal status of Ether. Representative Patrick McHenry accused Gensler of misleading Congress during these discussions.
Additionally, Republican lawmakers have initiated an investigation into Gensler concerning alleged misappropriation of funds.
The upcoming testimony of the SEC commissioners is anticipated to further address these ongoing issues, as well as the broader regulatory approach to cryptocurrencies.
