Gary Gensler Testified About Cryptocurrencies In The US Senate Postage

Chairman of the US Securities and Exchange Commission Gary Gensler. (SuperCryptoNews)

JAKARTA The chairman of the US Securities and Exchange Commission (SEC), Gary Gansler, is rumored to be testifying before the US Senate Banking Committee. Reportedly, Gensler will respond to Rostin Behnam's response to cryptocurrencies. The information was conveyed by Fox Business journalistdet.

The plan is that Gensler will testify to crypto on September 15, 2022. Meanwhile, Rostin Behnam, commissioner of the Commodity Futures Trading Commission (CFTC), will testify before the US Senate for Agriculture, Nutrition, and Forestry.

The CFTC and major industry players will testify about a digital asset bill recently introduced, which will authorize CFTCs to regulate all digital commodities, before voting.

"It's impossible to qualify this year, I was told," Terrett said, quoted by CryptoPotato.

In addition, Terrett also highlighted a tweet by Congressional member Krishnachardthi who said he had launched an investigation into fraud and consumer abuse in the crypto world, as criminals have been trying to prey on investors.

I launched this investigation because cryptocurrencies have exploded within reach, popularity, and their value, as well as growth in consumer fraud and abuse as bad actors seek to prey on investors, said Congresswoman King Krishnatasthi, August 30, 2022.

Menurut laporan dari Washington Post baru-baru ini, Perwakilan Krishnachardthi, ketua panel pengawasan utama DPR, telah menulis surat terbuka yang ditujukan kepada pengawas federal dan pemimpin kripto teratas yang menanyakan apa yang mereka lakukan untuk melindungi konsumen.

The letter written by Krishnatasthi was addressed to Finance Minister Janet L. Yellen, Chairman of the US Securities and Exchange Commission Gary Gensler, Chairman of the Federal Trade Commission Lina Khan, and Chairman of the Commodity Futures Trading Commission, Rostin Behnam.

Without a clear definition and guidance, institutions will continue their disputes and will not be able to effectively implement consumer and investor protection linked to cryptocurrencies and the exchange where they are traded, added Krishna▁tatarthi.

To outline the SEC's shortcomings, a Forbes article recently showed the loss of $1 billion in investor funds due to crypto scams taking place in 2021. Then, 15 billion US dollars has disappeared due to SEC's lawsuit against Ripple (XRP) when the SEC brought 1.3 billion US dollars in non-fraud lawsuit against the blockchain company.

In line with that, the Ripple vs SEC case has been going on for two years starting in December 2020. To date, the SEC seems to be procrastinating and slowing down the development of the case. The SEC's lawsuit against Ripple indirectly has had a major impact on XRP holders.