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Lawmakers to Grill SEC Chairman Gensler on Crypto in Senate Hearing

 


Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), speaks during a Senate Banking Committee hearing in Washington, DC, the United States, Tuesday, July 30, 2013.

Andrew Harrer | Bloomberg | Getty Images

Lawmakers, frustrated by the lack of obvious progress, will discuss the regulator’s plans to regulate cryptocurrency markets on Tuesday, with Securities and Exchange Commission Chairman Gary Gensler.

Gensler, to appear before the Senate Banking Committee at 10 a.m.ET Tuesday, is expected to answer several questions about bitcoin, stablecoins and other digital assets from senators on both sides of the political aisle.

Ahead of the hearing, Wall Street’s main regulator said that entire swathes of the crypto market operate outside of SEC regulatory frameworks that protect investors and customers from illicit activity.

“We just don’t have enough investor protection in crypto finance, issuance, trading or lending,” Gensler said in prepared remarks. “Frankly right now it’s more like the Wild West or the old world of ‘buyer beware’ that existed before securities laws were passed. fraud, scams and abuse in certain applications. “

He added that the SEC looks forward to strengthening existing authorities and, with congressional approval, expanding the commission’s jurisdiction to help fill gaps in oversight of the crypto market.

In his remarks, Gensler said the SEC wanted the help of lawmakers to oversee the offering and sale of crypto tokens, crypto trading and lending platforms, stablecoins, investment vehicles offering exposure to digital assets or cryptographic derivatives, as well as the safekeeping of virtual assets.

It’s unclear whether that will be enough to appease the Republicans on the committee, who for months have been asking the SEC to step up efforts to sanction crypto markets and illustrate the benefits they offer investors.

Ranking member Pat Toomey, R-Pa., Should tell Gensler why it has taken so long to support these markets and why the SEC seems reluctant to approve various crypto assets, according to a Republican aide.

The aide spoke to CNBC on condition of anonymity to speak freely about the private thoughts of the party leadership before public testimony.

The regulation of crypto is relatively new to the SEC. Gensler has repeatedly stated that Congress must pass legislation to amplify the power of the commission to be effective in running a $ 2,000 billion market for bitcoin and other digital currencies.

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“What we want to do is provide some of the basic protections against fraud and manipulation. The trading venues they are on are currently not subject to a regulatory regime that protects them as if they were were trading on the New York Stock Exchange, ”Gensler said. CNBC in August.

At the time, Gensler said he hoped Congress would be able to grant the SEC enough power to force trading platforms to officially register, but some resisted his initial demands.

In a move that frustrated crypto advocates, the SEC last week again delayed his decision on whether or not to approve a Chicago Board of Exchange request to list and trade shares of VanEck’s Bitcoin Trust.

The regulator has looked for months at demand, seen as an indicator for a series of similar funds. It angered those who were hoping Gensler’s arrival as SEC head would mean faster decisions on digital assets.

While Republicans tend to want faster Gensler decisions to leverage the speed and efficiency of digital assets, Democrats have stressed the need for accountability and oversight in what Gensler describes as the “Wild West.” »Digital.

Democrats like Ohio Senator Sherrod Brown, chairman of the committee, and Senator Elizabeth Warren of Massachusetts have recognized that digital assets can have compelling uses of use, but they also stressed the need for caution. .

Tuesday’s hearing will also mark the committee’s first hearing with Gensler since the SEC approved new Nasdaq rules to require companies listed on its exchanges to meet certain race and gender targets.

Nasdaq stipulations will ensure that corporate boards meet gender and racial diversity requirements or require companies to explain in writing why they haven’t. The move angered Republicans on the committee, who said the explicit focus on race and gender could come at a high cost.

The Democrats took the opposite course.

“American companies must do more to increase diversity in the boardroom,” President Brown said in August following the SEC decision. “I commend the SEC and the Nasdaq for recognizing the benefits to businesses and shareholders of a more inclusive and equitable economy.”

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