Gary Gensler To Testify Before Two Congress Panels
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is scheduled to testify before two separate committees of the US Congress in September 2023. This comes after setbacks for the SEC in the XRP lawsuit and the Grayscale spot Bitcoin ETF lawsuit. The focus of the hearings is likely to be on the crypto market, including questions about the SEC’s plans to approve spot Bitcoin ETF filings from various companies.
Key Points:
- Gary Gensler will testify before the U.S. Senate Banking Committee GOP and the U.S. House Committee on Financial Services Republicans in separate hearings.
- The hearings are scheduled for September 2023.
- The SEC is expected to clarify its timeline for potential approval of the spot Bitcoin ETF application.
- Grayscale’s victory in the lawsuit against the SEC puts pressure on the agency to act.
- Gensler’s recent neutral stance on crypto enforcement actions raises questions about his stance going into the hearings.
Will Gensler Soften Anti-Crypto Stance?
In a departure from his previous stance, Gensler has remained neutral on crypto enforcement actions following the Ripple Vs SEC lawsuit. He stated that the decision on appealing the court decision would be a collective one by all SEC commissioners. It remains to be seen if Gensler will further soften his stance leading up to the crucial hearings.
Hot Take:
Gary Gensler’s upcoming testimonies before Congress will be a significant moment for the crypto market. The SEC’s recent setbacks in lawsuits and the pressure to approve spot Bitcoin ETF filings make these hearings crucial. Crypto enthusiasts will be watching closely to see if Gensler shows any signs of a softened stance or a willingness to work more collaboratively with the industry.
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