Kenne Michael 
Gensler maintains his conviction that the vast majority of cryptocurrencies and crypto-related businesses fall under the jurisdiction of federal securities laws.
The upcoming hearing, titled ‘Oversight of the Securities and Exchange Commission,’ will be broadcast live on September 27, 2023, at 10:00 a.m. Eastern Standard Time.
Gary Gensler, chairman of the Securities and Exchange Commission, has been outspoken about the prevalence of fraud, abuse, and misconduct in the crypto industry in previous statements, and he continues to emphasize this point in his most recent testimony submitted to the House Committee on Financial Services.
In his testimony, he also mentioned the SEC’s rulemaking efforts, highlighting a press release from April that defined crypto platforms, including DeFi platforms, as part of the exchange definition.
He declined to comment on ongoing litigation, such as the XRP case and the Grayscale spot ETF conversion ruling, implying that these items are still being considered.
Patrick McHenry, chair of the House Financial Services Committee, is anticipated to scrutinize SEC Chair Gary Gensler’s approach to crypto regulation during the hearing.
McHenry had previously charged Gensler with neglecting to provide clear guidelines on how businesses can comply with federal securities laws.
Despite appeals from House Financial Services Committee members to expedite spot ETF applications, Gensler indicated that the agency is still working on approving spot Bitcoin exchange-traded funds.