House Committee Chairman Patrick McHenry has issued a warning to SEC Chair Gary Gensler, stating that he is prepared to issue a subpoena if necessary to obtain documents related to the FTX collapse and the SEC’s climate disclosure rule. McHenry expressed his frustration in a tweet, stating that if Gensler continues to refuse to schedule a Commission vote for the release of the documents, Republicans will have no choice but to issue a subpoena. The controversy revolves around the committee’s request for documents concerning former FTX CEO Sam Bankman-Fried and the timing of his arrest. During a Congressional hearing, McHenry criticized Gensler’s approach to rulemaking, accusing him of harming consumers and markets. He also raised concerns about Gensler’s handling of digital assets. The threat of a subpoena adds complexity to the ongoing SEC-Congress battle and has implications for regulatory transparency and the digital asset industry.
**Gary Gensler Hiding FTX Crash Documents?**
House Committee Chairman Patrick McHenry has issued a warning to SEC Chair Gary Gensler, stating that he is prepared to issue a subpoena if necessary to obtain documents related to the FTX collapse and the SEC’s climate disclosure rule. McHenry expressed his frustration in a tweet, stating that if Gensler continues to refuse to schedule a Commission vote for the release of the documents, Republicans will have no choice but to issue a subpoena.
**Controversy over FTX Collapse Documents**
The controversy revolves around the House Committee’s request for documents related to former FTX CEO Sam Bankman-Fried (SBF) and the timing of his arrest. During a Congressional hearing, McHenry claimed that while the SEC had made multiple requests for these documents, they had not received any non-public information beyond what was part of a Freedom of Information Act (FOIA) production.
**Criticism of Gensler’s Leadership**
McHenry also criticized SEC Chair Gary Gensler’s approach to rulemaking during the hearing, accusing him of jeopardizing the integrity of financial markets and putting investors at risk. He expressed his frustration with Gensler’s efforts to restrict the digital asset ecosystem, which McHenry believes has harmed consumers and the markets.
**Concerns about Digital Assets**
McHenry raised concerns about Gensler’s approach to digital assets, stating that it has caused confusion and lasting damage. He accused Gensler of failing to prioritize capital formation and highlighted the absence of initiatives aimed at improving access to capital or enhancing market competitiveness.
**Bitcoin Not a Security**
During the hearing, Gensler confirmed that Bitcoin is not considered a security as it does not meet the criteria for an investment contract based on the Howey test. This aligns with Gensler’s previous statements on Bitcoin during his time as a professor at MIT in 2018.
**The Implications of a Subpoena**
The threat of a subpoena adds another layer of complexity to the ongoing battle between the SEC and Congress. It has implications for regulatory transparency and the digital asset industry as a whole.
**Hot Take: Battle Between SEC and Congress Intensifies**
The ongoing battle between the SEC and Congress is intensifying as House Committee Chairman Patrick McHenry threatens to issue a subpoena if SEC Chair Gary Gensler continues to withhold documents related to the FTX collapse and the SEC’s climate disclosure rule. McHenry criticized Gensler’s leadership, accusing him of harming consumers and markets through restrictive policies. He also raised concerns about Gensler’s approach to digital assets, claiming it has caused confusion and lasting damage. The threat of a subpoena adds complexity to this conflict, with implications for regulatory transparency and the future of the digital asset industry.
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