Authority To Regulate Crypto, Gary Gensler Will Be Tried By The US Congress Next Month

Chairman of the US Securities and Exchange Commission, Gary Gensler. (Photo; Doc. Cryptopotato)

JAKARTA - Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler will appear before Congress in April to explain his approach to crypto assets. This is a response to criticism directed at the SEC for being too harsh and arbitrary in regulating the crypto industry.

Several cases that caused controversy include lawsuits against Ripple, Wells notification of Coinbase, and warnings of investors regarding crypto investment risks. Gensler will be a witness before the House Financial Services Committee led by Republican Congressman Patrick McHenry.

McHenry said he wanted to hold Gensler accountable for potentially violating the law, surpassing his jurisdiction, and violating the Advanced Procedure Act (APA), which determines how the government can issue regulations. McHenry also said he wanted to establish regulatory clarity for digital assets, which are currently ambiguous and confusing.

"This will be our first hearing of our surveillance of the Stock Commission. It will discuss the making of regulations and its approach to digital assets. This will be the main focus on general supervision of the Securities and Exchange Commission (SEC), but in terms of policy, serious approaches or we establish what I hope to spend the next few months, which is a regulatory field for digital assets," McHenry said.

He will be there on April 18th. I'm glad we can finally announce it and run it. This will be the first of many regulatory hearings we will be doing throughout the summer," he added.

Gensler, who is a former MIT professor who teaches about blockchain and crypto, has stated that he supports technological innovation, but also emphasizes the need for investor protection and prevention of illegal activities.

He has referred to crypto assets as "the wild world" that require more scrutiny and rules. He has also stated that most crypto assets are securities that must comply with the SEC's jurisdiction.

This Congressional Assembly will be an opportunity for Gensler to explain his vision and plans for crypto assets, as well as to hear input and questions from members of Congress. The hearing will also be an event for the crypto industry, the crypto community, and crypto investors to find out the SEC's future policy direction.