JAKARTA - Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), became the center of attention in a session taking place at the US House Committee on Financial Services, related to the high-risk enforcement of crypto regulation. The hearing highlighted Gensler's inability to address simple questions from lawmakers.
During the session, Gensler was faced with a series of questions from lawmakers, but the exchange of words with Representativesan Torresfrom the focus was in the spotlight.
The core question is about the concept of an "investment contract," which is a key element in determining the SEC's authority over cryptocurrency markets. Torres continues to encourage Gensler to explain whether an investment contract requires an actual physical contract, which makes it difficult for Gensler to provide a clear and concise answer. The response that evaded Gensler during the trial raised questions and criticisms.
Stuart Alderoty, Chief Legal Officer at Ripple, gave a sharp response to the incident by criticizing SEC Chairs who avoided arrogant questions, even offended his fortune.
"For hours, Mr. Gensler arrogantly avoided questions after questions (even laughed at how rich he was) until Rep Torres took him out with a legal order and a touch of South focus Street. Gensler didn't know what hit him until it was too late," said Alderoty.
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Tom Emmer, another US parliamentary representative, also criticized Gensler during the hearing. He accused the SEC chairman of launching an attack on the cryptocurrency industry and questioned Gensler's impartiality as a regulator.
"Mr Gensler, regardless of your rhetoric for years like today, I'm sure you're not an impartial regulator. On the other hand, it's clear that you are working to consolidate your own power, even though it means destroying opportunities for the American people and, frankly, the future of the country's finances," said Tom Emmer.
Emmer has also criticized Gensler for his regulatory views that prefer major financial institutions, at the expense of innovation, competition, and the interests of the American people.
Gensler Calls Crypto Full Of Fraud
In his speech at House Financial Services, Gensler firmly stated that there is no aspect of the crypto asset securities market that should free investors and issuers from the securities legal umbrella.
Gensler took refuge behind his side's efforts to ensure the welfare of American investors on the pretext "this is a field full of fraud and manipulation and I pay attention to American investors who have been harmed by fraud and scammers."
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