Gensler Faces Pressure to Approve Bitcoin ETFs
SEC Chair Gary Gensler is set to testify before the House Financial Services Committee, where he will face bipartisan pressure to approve spot Bitcoin ETFs from major players like Blackrock, Fidelity, and Grayscale. This highly anticipated event could have a significant impact on the crypto market.
Discontent Surrounding Gensler’s Testimony
During a recent hearing with the committee, Gensler defended the SEC’s choices and actions. Notable crypto writer Jason A. Williams commented on this testimony, highlighting that while Gensler seemed to enjoy testifying, much of it was in defense of the SEC.
A Spotlight on SAB 121
Representative Mike Flood brought attention to the SEC’s Staff Accounting Bulletin (SAB) 121 from March 2022. This bulletin outlined how public companies should account for and disclose their crypto assets. Flood questioned Gensler’s previous comments about SAB 121 and pointed out that no direct SEC rules addressed digital asset custody at the time of its release.
A Challenge to the SEC’s Rationale
Flood argued that the SEC either issued the guidance without sufficient reasons or made an oversight. He emphasized that the foundations for the SEC’s bulletin did not exist when it was released. With tomorrow’s hearing looming, the fate of the crypto market hangs in the balance.
Hot Take: The Crypto Market Awaits Gensler’s Decision
All eyes are on tomorrow’s hearing as SEC Chair Gary Gensler faces pressure to approve Bitcoin ETFs. The outcome of this event could have a significant impact on the crypto market. The discontent surrounding Gensler’s testimony and the challenge to the SEC’s rationale adds to the anticipation and uncertainty. Crypto enthusiasts and investors eagerly await the decision that could change the course of the market. Stay tuned for updates.
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