In Front Of The US Senate, SEC Chair Gary Gensler Refuses To Comment On Ripple And Greyscale's Victory

JAKARTA - The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, testified in a hearing before the US Senate Committee. In the testimony, Gensler expressed his concern about the non-compliance of the crypto industry and the number of frauds, abuses, and violations that occurred.

Selain itu, Gensler juga mengungkapkan bahwa SEC masih kekurangan staf, dengan hanya memiliki 3% lebih banyak staf dibanding 7 tahun sebelumnya, sementara aktivitas dan komplementasi pasar kripto telah tumbuh sekitar 50-60%.

In October 2022, reports revealed that SEC staff had no adequate knowledge of designing regulations that matched the crypto market. This is related to a lack of understanding of digital assets within the agency. In addition, there is speculation about internal tensions in the regulatory shrinkage process for digital assets.

Reject Comments on Ripple and Greyscale

The SEC chairman, confirmed that his comments during the hearing did not represent the SEC's or staff's views. Gensler appears to be more careful in issuing statements about the crypto market, especially after criticisms addressed to the SEC regarding his comments on the crypto industry.

Prior to the trial, Gensler stated that he would not comment on the ongoing court proceedings in crypto-related lawsuits, such as the Grayscale and XRP cases.

The Gensler trial raised debate about the need for clearer regulation in the crypto industry to protect consumers. Some parties, including crypto exchange Coinbase, have invoked a legislative approach in formulating regulations to ensure security and protection for crypto users. With current regulatory uncertainty, risks to consumers and jobs in the industry are of concern.

Despite this trial, the price of Bitcoin has not changed significantly. The movement of BTC is still in the range of IDR 399 million in the last 24 hours.