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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler recently testified at a Congressional hearing held by the Senate Committee on Banking, Housing, and Urban Affairs, where he expressed significant concerns about the state of the cryptocurrency industry. Gensler's remarks highlighted issues of non-compliance, fraud, abuse, and misconduct within the crypto space.
When asked about the SEC's capacity to enforce regulations in the crypto ecosystem, Senator Catherine Cortez Masto questioned whether the agency was adequately staffed, especially in terms of enforcement personnel. Gensler responded by stating that the SEC is far from being overstaffed, noting that the agency has only increased its staff count by 3% over the past seven years. He emphasized that during this time, the crypto markets have grown substantially in both activity and complexity, presenting new challenges for regulation.
Gensler, who has over four decades of experience in finance, expressed his astonishment at the level of misconduct he has witnessed within the crypto field, describing it as "daunting."
In October 2022, it was reported that the SEC's staff lacked the necessary expertise to draft regulatory rules for the crypto market, with over 20% of senior attorneys and officials lacking the required knowledge. This deficiency was attributed in part to Gensler's leadership.
There were also rumors of internal disagreements within the agency regarding rulemaking for digital assets.
In an attempt to address criticism directed at the SEC's stance on the crypto market, Gensler prefaced his remarks during the hearing by stating that his comments were personal and did not necessarily represent the agency's views or those of its staff. This approach was consistent with Gensler's recent practice of differentiating his personal opinions from official SEC positions.
Furthermore, Gensler declined to comment on ongoing litigation, stating, "While I'm happy to discuss the SEC's work, I will not be able to comment on any active, ongoing litigation." This refusal to comment extended to significant lawsuits in the crypto market, including the Grayscale Bitcoin ETF application and the XRP lawsuit.
Coinbase, a major U.S.-based crypto exchange, has called for a legislative approach to crypto regulation to ensure consumer protection. They argued that relying solely on enforcement without regulatory clarity puts 4 million jobs at risk by 2030.
Despite the concerns raised during Gensler's hearing, the Bitcoin price did not exhibit significant fluctuations, maintaining its 24-hour gains. It remains to be seen whether further questioning of the SEC Chair regarding crypto will have any impact on the industry.
Disclaimer: The content provided may reflect the author's personal opinions and is subject to market conditions. It is advisable to conduct thorough market research before making cryptocurrency investments. The author and the publication do not assume responsibility for any personal financial losses.
#Crypto #SEC #Regulation #Fraud #Enforcement