Rep. French Hill Slams SEC, Gary Gensler In House Financial Services Hearing
Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.
On Wednesday, September 18, Congressman French Hill (R-AR) criticized the SEC’s regulatory approach under Gary Gensler during a House Financial Services Subcommittee hearing on Digital Assets, Financial Technology, and Inclusion, raising concerns about its impact on the cryptocurrency industry.
During the hearing, titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” Hill criticized the agency’s regulation-by-enforcement approach to cryptocurrencies. He argued that instead of providing clarity, the SEC’s actions have led to more confusion and uncertainty in the market.
“Instead of providing legal clarity so that those who want to follow the law can do so, the Gensler SEC’s approach has injected even more confusion and uncertainty into the markets and for market participants and consumers alike,” Hill said. “How is this protecting the public?”
Instead of following the bipartisan progress we’ve made on digital assets, Gensler’s SEC has chosen to front-end the work of Congress and make spurious arguments that have been rejected by the House, the courts, and market participants.
The SEC’s approach to digital assets is a… pic.twitter.com/u9u47DilzC
Hill referenced Gensler’s opposition statement to the Financial Innovation and Technology for the 21st Century Act (FIT21), which was released on the morning of the scheduled House vote.
He claimed that Gensler is “stuck on an island of his own making” following strong bipartisan support for the crypto bill.
Hill further expressed concerns that Gensler’s
Read more on cryptonews.com
