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- SEC boss Gary Gensler is due to appear at a Senate hearing on Tuesday to answer questions about the regulations of the crypto industry.
- The chairman of the SEC has in the past sought congressional support in enforcing financial policies in the crypto industryspelling.
Gary Gensler is due to appear before the Senate Banking Committee for discussing regulation of crypto markets. Unhappy with the lack of progress on the subject, lawmakers expect the Securities and Exchange Commission ( SEC) Chair will shed light on key topics Tuesday at 10:00 am ET. Discussions will revolve around digital assets including Bitcoin and stablecoins, crypto derivatives, crypto trading and crypto lending platforms.
Previously Gensler noted that many players in the crypto market operate outside SE regulatory frameworksC. Investors, therefore, do not have adequate protection against illicit activities such as fraud, market manipulation, scam and abuse.
Gensler and the Senate Committee
Further, he asserted that the SEC is ready to use existing authorities to enforce financial policies in the market $ 2,000 billion crypto. The commission can also extend its jurisdiction to the crypto industry as long as Congress approves it. In a previous interview with CNBC, Gensler said some of the members of Congress refused to support his quest.
Vu As lawmakers represent on both sides of the political aisle, it's still unclear whether his statements will satisfy Republicans. For months, the latter have been demanding faster decisions from the SEC to benefit from cryptogr assets.aphic. Republican Pat Toomey will explain to Gensler why the SEC has taken so long to support these markets. Gensler will also explain why the agency seems reluctant to approve
On the other hand, Democrats stressed the need for accountability and oversight in the crypto industry. This is notably the case of Senator Sherrod Brown and Senator Elizabeth Warren who warn against the use of digital assets despite their compelling utilities.
SEC and regulation of the financial industry
In particular, the crypto industry is relatively new ground for the SEC. However, many in the crypto community are frustrated by the commission's repeated failure to clarify its rules. This is all the more true as Gensler, a former blockchain professor, was supposed toAccelerate these problems.
For example, the regulator was posed to make judgments on cryptographic
It is important to note that Tuesday's hearing will be the first in history with Gensler. since the SEC approved NASDAQ's race and gender requirements. Corporate boards must now have gender and race persity or explain in writing why they cannot. Republicans believed the move would come at a high cost. However, Democrats confirmed this by saying, "The thAmerican businesses must do more to increase persistence in the boardroom. "