Bracing for what appears to be another formidable encounter with lawmakers, the United States (US) Securities and Exchange Commission (SEC) Chair Gary Gensler is poised to engage in testimonies before two distinct committees of the US Congress in the upcoming September of 2023.
These forthcoming hearings unfold in the wake of significant legal developments, including the recent conclusion of the XRP lawsuit Summary Judgment and the Grayscale spot Bitcoin exchange-traded funds (ETFs) lawsuit triumph. Both outcomes signify substantial setbacks for the US SEC under Gary's stewardship.
When is He Set to Testify?
Amidst mounting scrutiny and anticipation, the US SEC Chair has consented to present his testimony before two distinct congressional hearings, each designated for September 2023. Specifically, he is scheduled to appear before the Senate Banking Committee on 12 September, followed by his engagement with the House Financial Services Committee on 27 September.
Gary's remarks on the necessity for firms to undergo SEC registration have triggered fervent discussions and raised questions regarding regulatory clarity. The House Committee on Financial Services has characterised his call for registration as a "willful misrepresentation" of a non-existent registration framework.
Despite all that, Gary has steadfastly defended his standpoint, advocating that the majority of cryptocurrencies should be classified as securities and consequently subjected to regulatory oversight. During his previous appearance before the House Financial Services Committee, he took a stern stance, accusing crypto firms of disregarding existing securities regulations.
He underscored the imperative for these entities to initiate the registration process with the SEC, further fueling the ongoing conversation about the regulatory landscape of digital assets.
While the official announcements of these hearings refrain from explicitly outlining a focus on the dynamic crypto market news, it is conceivable that the deliberations will be significantly centred around this domain.
Curiously, this juncture is bound to present Gary with the unique challenge of fielding inquiries not only regarding his regulatory approach but also pertaining to the SEC's strategies concerning the endorsement of spot Bitcoin ETF filings.
Entities such as Blackrock, Ark Invest, Fidelity, Bitwise, and others have eagerly sought the regulatory green light, rendering this an issue of considerable prominence.