FOX Business journalist Eleanor Terrett reports that all five U.S. Securities and Exchange Commission (SEC) commissioners will testify before a Congressional hearing next week.
According to Terrett, the five-member SEC commissioners will testify before the U.S. House Committee on Financial Service (FSC). This event is scheduled for next Tuesday, September 24, 2024.
Pivotal Moment
The upcoming hearing is significant, as it marks the first time since 2019 that all SEC commissioners will appear and testify before a Congressional committee.
Prior to this time, the SEC Chair Gary Gensler has been representing the securities commission during these Congressional hearings. This time, the FSC has invited all the commissioners to testify at the hearing scheduled for next Tuesday.
Gensler to Testify Alone at Separate Hearing
Meanwhile, Terrett disclosed that Gensler will testify separately in front of the Senate on September 25 on Capitol Hill.
In a previous tweet, Terret disclosed that this upcoming Congressional hearing where Gensler is expected to testify alone is entitled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.”
SEC Commissioners
For context, the U.S. SEC is run by five commissioners, one of whom is the chairman. The president of the United States appoints these commissioners. The five SEC commissioners are Gary Gensler, Caroline A. Crenshaw, Hester Peirce, James Lizarraga, and Mark Uyeda.
Three of the commissioners are members of the Democratic Party, while the remaining two–Peirce and Uyeda–are Republicans.
Lawyer Highlights Potential Discussions and Events at Upcoming Hearing
Expectedly, the upcoming testimony has triggered reactions among crypto enthusiasts, with some speculating that the discussions will focus on the SEC’s approach toward crypto regulation.
Prominent legal expert James Murphy (a.k.a. MetaLawMan) highlighted a few events that could occur during the testimony.
Notably, Murphy speculated that Rep. Patrick McHenry, the chairman of the FSC, could ask Gensler whether Ethereum (ETH) should be classified as a security or commodity.
Recall that Rep. McHenry threw this question at Gensler during a previous Congressional hearing. However, Gensler distanced himself from directly answering whether ETH qualifies as a security or commodity.
Additionally, Murphy expects Rep. Ritchie Torres to deliver some interesting remarks regarding the agency. Lastly, the lawyer speculated that the upcoming testimony could serve as an audition for Peirce’s elevation to the top spot of the U.S. SEC.
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