Former high-ranking officers of the U.S. Securities and Exchange Commission (SEC) are set to testify in a congressional listening to towards the company. The SEC crypto listening to is titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” scheduled for September 18 at 10 a.m. EST.
Witnesses Revealed For SEC Crypto Hearing
The listening to is being organized by the House Financial Services Committee’s GOP management as a part of an ongoing examination of the SEC’s regulatory oversight of crypto. Moreover, this listening to comes at a time of heightened scrutiny over the SEC’s actions underneath its present management. Among the witnesses slated to testify are Dan Gallagher, Chief Legal Officer at Robinhood Markets, and Michael Liftik, Partner at Quinn Emanuel Urquhart & Sullivan, LLP.
Both males have deep ties to the SEC. Gallagher served as an SEC Commissioner from 2011 to 2015. Meanwhile, Liftik was the Deputy Chief of Staff to former SEC Chair Mary Jo White and likewise labored as a staffer on the company. Hence, their testimonies are anticipated to supply worthwhile insider views on how the SEC operates and the potential missteps it has made in regulating digital property underneath the management of present SEC Chair Gary Gensler.
The listing of witnesses additionally contains Teddy Fusaro, President of Bitwise, and Jennifer Schulp, Director of Financial Regulation Studies on the Cato Institute’s Center for Monetary and Financial Alternatives. Furthermore, Lee Reiners, a lecturing fellow at Duke University, will testify towards the American watchdog.
Their testimonies within the SEC crypto congressional listening to will possible discover the broader implications of the company’s enforcement-heavy strategy to cryptocurrency regulation. The listening to’s concentrate on the SEC’s “politicized” strategy displays rising dissatisfaction amongst Republican lawmakers who contend that Gensler’s administration has overreached in its regulatory efforts.
Gary Gensler Under Fire
The SEC has filed quite a few enforcement actions towards cryptocurrency firms for allegedly violating securities legal guidelines. These acts have drawn criticism from each trade insiders and members of Congress. Moreover, they argue that the company has been regulating by enforcement relatively than issuing clear pointers.
Hence, Wednesday’s SEC crypto listening to may show particularly consequential given the backgrounds of two of its most outstanding witnesses. Gallagher and Liftik are anticipated to make clear inside SEC operations and supply firsthand accounts of the company’s decision-making processes throughout their tenures.
In a parallel growth, SEC Chair Gary Gensler is also facing a probe initiated by House Republicans over the company’s hiring practices. There are allegations that the SEC could have factored political leanings into its recruitment selections, doubtlessly violating federal regulation.
The investigation raises issues in regards to the impartiality of the SEC’s hiring course of and provides one other layer of strain on Gary Gensler’s management. Gensler is predicted to testify on Capitol Hill later this month, although the precise date and whether or not different SEC commissioners will be part of him have but to be finalized.
Kelvin Munene Murithi
Kelvin is a distinguished author with experience in crypto and finance, holding a Bachelor’s diploma in Actuarial Science. Known for his incisive evaluation and insightful content material, he possesses a robust command of English and excels in conducting thorough analysis and delivering well timed cryptocurrency market updates.
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