The chair of the Financial Services Committee said its primary focus would be setting the groundwork for crypto regulations in the United States.
The United States Securities and Exchange Commission (SEC) chief Gary Gensler is set to testify before the House Financial Services Committee for the first time.
In an interview, Representative Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face questions on April 18 over his approach toward the crypto ecosystem.
#NEW: Chairman @PatrickMcHenry confirms @SECGov Chair Gary Gensler will testify before the House Financial Services Committee on April 18th.
— Financial Services GOP (@FinancialCmte) March 28, 2023
Republicans will hold @GaryGensler accountable for his flagrant disregard for the law, jurisdiction, and the APA.
pic.twitter.com/XRwcrm79PS
The House Financial Services Committee has jurisdiction over all aspects of the U.S. financial services sector, including banking, securities and digital assets.
During his interview, McHenry noted that it would be the first oversight hearing of the SEC. The hearing will be focused on Gensler’s rulemaking and approach toward crypto assets. He added that the committee will have sizeable general oversight over the SEC and would take a serious approach in terms of “laying down a regulatory sphere for digital assets.”
The SEC chief’s approach toward crypto has turned many heads over the years, with many Democratic party members voicing their concern about his approach. Some in the crypto industry believe the party’s anti-crypto stance could be disastrous for its 2024 election campaign.
Related: Crypto reform coming to US in 2023, says former White House chief of staff
Dennis Porter, the co-founder of the Satoshi Action Fund, said that many pro-crypto and pro-Bitcoin (BTC) Democrats are lining up to voice their opposition to the party’s stance.
Pro-Crypto & Pro-#Bitcoin Democrats are lining up to voice their opposition to their own party’s stance.
— Dennis Porter (@Dennis_Porter_) March 27, 2023
Democrats are on the verge driving their own voters away and losing support from this important new voter block. In my opinion it could cost Democrats the 2024 election. pic.twitter.com/3kZkTOAjhz
U.S. regulators have taken a hard stance on crypto in the first months of 2023, with the SEC issuing Wells notices to several crypto firms, including Coinbase. The Commodity Futures Trading Commission has also filed a new lawsuit against Binance. However, the crypto community has always highlighted that regulations would be decided by Congress, not individual agencies.
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