SEC chief Gary Gensler to face Congress grueling over crypto policy

cointelegraph.com:

The United States Securites and Exchange Commission chief Gary Gensler is set to testify before the the House Financial Services Committee for the first time.

In an interview, Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face Congress' questions over his approach towards the crypto ecosystem on April 18.

#NEW: Chairman @PatrickMcHenry confirms @SECGov Chair Gary Gensler will testify before the House Financial Services Committee on April 18th.Republicans will hold @GaryGensler accountable for his flagrant disregard for the law, jurisdiction, and the APA.pic.twitter.com/XRwcrm79PS

The House of Representatives Committee on Financial Services is in charge of regulating all aspects of the financial services sector, including banking, securities and digital assets in the U.S.

During his interview, McHenry noted that it will be the first oversight hearing of the SEC. The hearing will be focused on Gensler’s rulemaking and his approach towards crypto assets. He added further that the committee will have a large general oversight over the SEC and would take a serious approach in terms of “laying down a regulatory sphere for digital assets.”

SEC chief’s approach towards crypto has turned many heads over the years, and many from the Democrat party have voiced their concern against his approach. Many in the crypto industry believe that the party’s anti-crypto stance could be disastrous for its 2024 election campaign.

Related: Crypto reform coming to US in 2023, says former White House chief of staff

Dennis Porte, the co-founder of the Satoshi act fund, said that many pro-crypto and pro-Bitcoin Democrats are lining up to voice their opposition to their own party’s stance.

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