Representative Patrick McHenry, the chairman of the Financial Services Committee, said in an interview that Gary Gensler, the head of the SEC, would be questioned about his approach to the cryptocurrency ecosystem on April 18.
All facets of the American financial services industry, including banking, securities, and digital assets, are within the purview of the House Financial Services Committee.
McHenry mentioned that it would be the SEC’s first oversight hearing during his interview. The discussion during the hearing will center on Gensler’s proposed regulations and strategy for crypto assets. The group will have significant overall control over the SEC, he continued, and it will take “setting down a regulatory framework for digital assets” seriously.
Over the years, the SEC chairman’s stance on cryptocurrencies has drawn considerable attention, with many Democratic party members expressing their disapproval of it. The party’s anti-crypto attitude, according to some in the business, might prove terrible for its 2024 election campaign.
Several pro-crypto and pro-Bitcoin Democrats are gathering to express their disapproval to the party’s policy, according to Dennis Porter, the co-founder of the Satoshi Action Fund. In the first few months of 2023, American officials took a tough approach on cryptocurrencies, sending Wells notices to several crypto companies, including Coinbase. Another lawsuit against Binance has been submitted by the CFTC. The crypto community has, however, always emphasized that Congress, not certain agencies, will make the decisions about rules.
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