Sources: SEC Chair, CFTC will be scrutinized over crypto bill

The U.S. SEC Chairman, Gary Gensler, has come under fire for how he has handled the cryptocurrency industry. Many influential figures have spoken out in favor of clear restrictions on digital assets.
Sources: SEC Chair, CFTC will be scrutinized over crypto bill
Sources: SEC Chair, CFTC will be scrutinized over crypto bill

According to Fox Business Journalist Eleanor Terrett, the SEC Chair will be subject to testimony. She did, however, add that according to her sources, Gensler will be responding to questions from Senate Banking and Housing Democrats on September 15, 2022.

She said that the United States Senate Committee on Agriculture, Nutrition, and Forestry will hear testimony from CFTC Commissioner Rostin Behnam.

In an op-ed, the SEC Chair expressed his opinions on how to treat the cryptocurrency markets. He linked the market for cars to digital assets.

He argued, however, that there is no justification for giving digital assets any sort of elevated status. The stock market shouldn’t be treated any differently. Investors have reportedly indulged in cryptocurrency loan systems that failed this year, according to the SEC Chair.

It will be fascinating to watch if the Senate questions the SEC Chair over the Crypto laws in the meanwhile. She said that the recently introduced digital asset bill will be discussed in the Senate Agriculture hearing.

Will the CFTC gain authority to oversee digital assets?

The proposed cryptocurrency bill aims to grant the CFTC authority to oversee all digital goods. Prior to the bill going to a vote, Terrett stated that the leading watchdogs and influential business figures will testify. The bill is not expected to be passed this year, she noted.

The XRP holders’ attorney, John Deaton, was cited Over time, Senator Jack Reed disregarded them. He pondered if he would challenge the SEC Chair about his support for Empower US. Will they look into the rising improprieties and conflicts of interest at the SEC?