Patrick McHenry the House Financial Services Chairman says that SEC Chief Gary Gensler would appear before digital assets subcommittee addressing the chairmans approach to crypto and digital assets.
Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), is scheduled to testify before the House Appropriations Committee on Wednesday, according to a tweet by Eleanor Terrett on March 23.
This appearance will be his first before the House in this congressional session. The Financial Services and General Government Subcommittee will also hear from Gensler as a witness on March 29 at 2:30 PM to discuss the budget requirements of the SEC for the fiscal year 2024.
The agency has been criticized by the crypto industry for its “regulation by enforcement” approach, which has led to several regulatory actions against companies and individuals related to crypto.
The SEC has also been involved in the Biden Administration’s coordinated plan with regulators to restrict the crypto industry by severing ties with the banking sector.
The ongoing banking crisis and the increase in the Federal Reserve’s balance sheet to contain the crisis are likely to affect the SEC’s funding. Recently, the Gary Gensler-led SEC has sued Tron founder Justin Sun for selling unregistered securities and sent a Wells Notice to Coinbase over securities listing and staking services.