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The testimony of SEC Chairman Gary Gensler, who will testify before the House of Representatives Financial Services Committee at 17:00 Turkey time today, has been published. According to the prepared statement, Gary Gensler will maintain his position that crypto companies should be subject to federal securities laws. Gensler, who has been criticized by Patrick McHenry, Chairman of the House of Representatives Financial Services Committee, in April for his approach to crypto regulations, is likely to face McHenry again.
SEC Chairman to Testify Before the House of Representatives on Wednesday
SEC Chairman Gary Gensler, who has faced intense criticism from many figures in the crypto industry due to his current stance on crypto regulations, will testify before the House of Representatives Financial Services Committee at 17:00 Turkey time today. According to the prepared statement, Gensler stated that “securities laws” have been in the books for decades and maintained his position that crypto companies should be subject to federal securities laws.
In the testimony of SEC Chairman Gensler, it was stated that the crypto industry is incompatible with securities laws. It was also noted that considering the industry’s incompatibility with securities laws, it is not surprising that many problems arise in the crypto markets:
“Given the broad incompatibility of this industry with securities laws, it is not surprising that we see many problems in these markets. We have seen this story before. It reminds us of what we experienced in the 1920s before the enactment of federal securities laws.”
Likely Clash Between Gensler and McHenry
SEC Chairman Gary Gensler has been the target of criticism from many figures in the crypto industry in recent years due to his approach to crypto regulations. Gensler, who classifies most cryptocurrencies as securities and argues that crypto companies should be subject to securities laws, has faced various criticisms that his stance on crypto regulations hinders innovation.
Chairman of the House of Representatives Financial Services Committee, Patrick McHenry, also criticized Gensler in April. McHenry claimed that Gensler did not provide clarity on how crypto companies can comply with federal securities laws.
In his criticisms directed at Gensler in April, McHenry used the words, “You punish digital asset firms for not complying with a law that they don’t know will apply to them. This is absurd.” SEC Chairman Gensler, who will testify before the House of Representatives Financial Services Committee at 17:00 Turkey time, is likely to face Patrick McHenry once again.
