Last updated Sep 28, 2023
Once again Gray Gensler faced huge criticism from the US representatives & accused of abusing the role of the SEC chairman.
The United States Securities and Exchange Commission (SEC) is the top financial regulatory body in America. Since 2021, the SEC agency brought several regulatory enforcement actions against crypto companies blindly under the leadership of Gary Gensler. Many times Gensler was criticized by the crypto proponents as well as crypto-friendly US lawmakers.
On 27 Sep 2023, During a scheduled hearing, the SEC chairman Gensler found himself in front of lawmakers to discuss his agency’s oversight of the markets.
United States Representative Andy Barr accused Gensler of kneecapping” the U.S. capital markets with harsh regulatory enforcement actions.
Mr. Barr referred to an old testimony, where Gensler called the US the most sophisticated and innovative capital market in the world, and said that if the US capital market is a gold medalist then Gensler is the Tonya Harding of securities regulations. 
People shared these statements on X (Twitter) & launched at Gensler for facing this situation.

Another U.S. Representative Warren Davidson said that he wishes that the Biden administration should fire Gensler from the role of SEC chairman.
Davidson accused Gensler of misusing the SEC chairman’s power as well as pushing a “woke” political and social agenda. 
Patrick McHenry, the chair of the U.S. House Committee on Financial Services, asked Gensler whether Bitcoin is a security & if not whether it is a commodity. In response Gensler said Bitcoin didn’t meet the Howey test & analyzing its nature under the commodity laws is outside the scope of the SEC body.
McHenry said that Bitcoin must be a commodity, which Gensler tried to avoid answering several times during the hearing. 

The House Committee on Financial Services chair also alleged that Gensler tried to choke off the crypto ecosystem under the US jurisdiction and also refused to be transparent with Congress about the SEC’s connections with now-bankrupt Crypto exchange FTX and its former CEO Sam Bankman-Fried (SBF), who is currently in the jail for a high level crypto frauds.
The U.S. Representative Ritchie Torres asked Gensler whether buying Pokemon cards is subject to Securities laws. 
Gensler said that if you buy from a store then obviously not.
Further Torres asked if he would buy it from a digital platform, powered by blockchain technology then what? In response, Gensler said he needs to know more to figure out whether it will be subject to the Securities Act or not.

#Fire #SEC #Chief #Gary #Gensler

REXBOX
With the second deadline for the US SEC’s spot Bitcoin ETF scheduled for the third week of October 2023, the onus in now on other major events like the XRP Property Party being hosted by Ripple.
Also Read: Chainlink Price Prediction As ETH Whale Makes Huge LINK Transfer

Events To Watch Out For
U.S. Securities and Exchange Commission Chair Gary Gensler is scheduled to testify at a hearing before the House Financial Services Committee on the oversight of the agency on September 27, 2023 at 10 am eastern time. Members of the committee have a history of strongly opposing Gensler’s views especially on the crypto regulatory framework. In an April 2023 hearing, Committee Chairman Patrick McHenry asked the Commission Chair if Ethereum (ETH) was a security or a commodity.
This could yet again be the subject of debate during the upcoming hearing in the context of the XRP lawsuit ruling, which categorized the token sale to retail buyers as not securities. On September 29, 2023, the Bureau of Economic Analysis is set to release the Personal Consumption Expenditures (PCE) Price Index data for August.

Ripple will be hosting “The Proper Party” on September 29, 2023 in New York City. It will be a community celebration of freedom from legal troubles thanks to the recent partial victory in the SEC lawsuit. While the event does not have any direct impact on the XRP demand and supply, it could potentially have an effect on trader sentiment. Also, the company may not make any big announcements in the event, it is expected.

Bitcoin Price: Upside Potential
While Bitcoin price closed last week with around 2% downside, it is likely that the latest dip is a corrective phase before recovering the upside momentum. Crypto analyst CrediBULL believes the downward path may be a bear trap before regaining upside direction. He believes the $27,000 level is there to be recovered going forward. “This latest push down looks to be manipulation to the downside prior to expansion to the upside. 27k incoming,” the analyst said.
Last week, a team of Ripple executives led by chief executive officer Brad Garlinghouse met US Congressmen in  Washington D.C. to discuss regulatory framework around crypto assets.
#XRP #Proper #Party #Gary #Gensler
SOURCE : https://rexbox.online/rexbox-xrp-proper-party-gary-gensler-hearing-btc-eth-xrp-price/