Attorney Deaton Slams Gary Gensler’s Leadership at the SEC As SEC Chairman is Set To Testify In Front Of U.S. Senate Banking.
Ripple (XRP) Holders Attorney Slams SEC Chairman Leadership As Gensler Is To Testify In Front Of U.S. Senate Banking
Eleanor Terrett, a Fox Business journalist, recently revealed that SEC’s chair Gary Gensler is to testify in front of the U.S. Senate Banking, Housing, & Urban Affairs Committee Majority. According to Terrett, Gensler will reportedly testify in front of the committee on September 15, 2022.
🚨SCOOP: My sources tell me @GaryGensler will be testifying in front of @SenateBanking on September 15th. @CFTCbehnam will testify in front of the @SenateAgDems the day before.
Will be interesting to see whether Gensler is asked to respond to Behnam's answers on #Crypto.
— Eleanor Terrett (@EleanorTerrett) August 30, 2022
Member of Financial Services Committee, Bill Huizenga says:
. @FSCDems, it would be great to have Chair @GaryGensler "come in" and testify before our committee. @FinancialCmte R’s have questions! Better yet, bring all of the @SECGov commissioners along to discuss your recent rule making agenda, you’ve been busy! https://t.co/JG0tv7jgOy
— Rep. Bill Huizenga (@RepHuizenga) August 31, 2022
Congressman for Minnesota’s 6th District Emmer says:
— Tom Emmer (@RepTomEmmer) August 31, 2022
It is unclear what questions will be thrown at Gensler during the testimony. However, some people believe his SEC leadership will be questioned.
Crypto Law, a media outlet founded by attorney Deaton which focuses on regulatory news for crypto assets, joined others to react to Terrett’s tweet. In a recent tweet, Crypto Law said Gensler has realized that “hiding behind cringe Twitter videos” can no longer defend him from widespread criticism.
“Looks like Gary Gensler realizes hiding behind cringey Twitter videos isn’t working and needs to defend himself against the escalating opposition to his leadership of the SEC.”
Attorney Deaton is currently representing Ripple (XRP) holders in a class action filed against the SEC for causing investors losses to the tune of $15 billion.
CFTC Chair Scheduled to Testify Next Month
In the same vein, Terrett also disclosed that Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), would, on September 14, 2022, testify in front of the U.S. Senate Committee on Agriculture, Nutrition, & Forestry.
The committee is still deliberating its newly introduced bill, which sought to give the CFTC more power to regulate the digital currency industry.
Key industry players, as well as the CFTC, are expected to testify on the bill before voting commences. Terrett noted that her sources told her that the bill is “unlikely to pass this year.”
Eleanor Terrett writes: “The Senate Ag hearing is on their recently-introduced crypto bill which would give the CFTC authority to regulate all digital commodities. The CFTC and key industry players will testify on the bill before it goes to markup, vote. Unlikely to pass this year I’m told.”
Crypto Investors Blast Gensler and SEC
Gensler has been heavily criticized for his regulatory approach to the cryptocurrency industry. The SEC has been slammed for the lack of regulatory clarity for the cryptocurrency industry, which has continued to hamper the growth of the emerging market in the United States.
Furthermore, Gensler and the SEC have been accused of preferring regulation by enforcement instead of making provisions for clear rules.
While industry stakeholders have demanded regulatory clarity on crypto, the agency, which seeks to control the entire industry, has reiterated that its rules are clear for every entity.
However, all efforts made by stakeholders to put a rest to the issue of unclear cryptocurrency regulations have not yielded positive results. Thus, prompting the SEC and Gensler to come under heavy criticism.
Gensler tried to defend the SEC from the widespread scrutiny, as he recently asserted in a video that the agency is committed to protecting investors and market participants and “not willing to risk 90 years of securities law.”