RECAP: Lawmakers questioned SEC Chair GaryGensler's rulemaking, actions around crypto and more during a contentious hearing on Tuesday. nikhileshde reports.
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.U.S. Securities and Exchange Commission Chair Gary Gensler refused to say whether ether, the second-largest cryptocurrency by market cap, was a security during a nearly five-hour hearing Tuesday.
"Congress must provide clear rules of the road to the digital asset ecosystem because the regulators cannot agree," Committee Chairman Patrick McHenry said in his opening statement."Regulation by enforcement is not sufficient nor sustainable. Your approach is driving innovation overseas and endangering American competitiveness."
One of the most contentious points in the hearing came early on, when McHenry asked Gensler to say if he thought ether, the second-largest cryptocurrency by market capitalization, was a security. Joshua Ashley Klayman, head of Fintech and head of Blockchain and Digital Assets at Linklaters, argued after the hearing that this was a positive sign for the industry that Gensler didn't immediately just say it was a security, or say that"everything other than bitcoin" was a security.
"You're responding to our FTX request solely with publicly available documents ... you didn't give us anything surrounding the charges filed against Sam Bankman-Fried," Huizenga said. Gensler told Congressman Brad Sherman that companies needed to"come in and comply and register to protect the investing public."
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