US regulators have begun a visible coup against the cryptocurrency industry. At one end, SEC has initiated several lawsuits in the crypto market in the matter of unregistered securities. On the other side, CFTC has slammed Binance exchange with commodity laws violations.
SEC has also served the publicly traded crypto exchange Coinbase with a Well Notice. At the same time, the securities agency is pursuing a lawsuit against Justin Sun in the matter of securities fraud and other legal violations.
Thus far, Congress has remained impervious to the actions of the SEC. However, the increasingly hostile stance of regulators has finally caught the attention of the House Committee.
Financial Services Committee head, Patrick McHenry has shared some interesting stances on the matter of SEC. He shared that Gensler is set to testify before Congress on 18th April. The subject matter of the hearing is related to his stance towards the crypto sector thus far.
United States House Committee is under the siege of the House of Representatives and it oversees the entire financial services market and sector in the US jurisdiction. This Committee can set precedent for securities, banking, and cryptocurrency assets. Patrick McHenry is a Republican representative who assumed his current position in 2023.
Following his selection he put together the Digital Assets Subcommittee in the first month of the current year. He has also attempted to address the gap between the House Financial Services Committee on the matter of cryptocurrency regulations.
French Hill another Republican representative has been appointed as the chair of this committee and Representative Warren Davidson another Republican candidate is currently serving as his deputy chair.
House Financial Services Committee
Representative Warren Davidson does not harbor hidden criticism toward the current SEC chairperson. He has made a call for firing him in the latest tweet. He advised the readers to make it a bipartisan movement.
Meanwhile, Committee chair McHenry has claimed that he intends to grant more congressional oversight to Gensler than he had. He has claimed that the hearing is going to provide more clarity over the current actions of Gensler concerning cryptocurrency markets.
He also mentioned that this hearing marks the first instance where SEC is invited for a briefing. He further shared that he will keep monitoring all crypto regulations-related changes in the next few months.
Some crypto proponents have called the current stance of the regulators operation choke 2.0. In the past, Cooper and Kirk’s law firm was able to win a case against FDIC, OCC, and Federal Reserve when operation choke 1.0 was in session in 2014.
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