SEC US Chairman Gary Gensler Will Testify In Front Of Congress, Discuss Crypto And Bitcoin ETF Plan

JAKARTA - The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, will soon face a difficult meeting before lawmakers. Gensler is scheduled to testify before two separate committees at the US Congress in September 2023.

This comes after two important decisions in the case of the XRP and Grayscale Bitcoin Trust (GBTC) that affected the SEC's actions under Gensler's leadership. Although recent announcements did not explicitly state that the crypto market will be the main focus, it is certain that this topic will dominate the topic of discussion before the US Senate Banking Committee GOP and the US House Committee for Republican Financial Services.

Questions related to the SEC's plan to approve Bitcoin spot Exchange-Trad Fund (ETF) applications from companies such as Blackrock, Ark Invest, Fidelity, and Bitwise will also be filed.

Gary Gensler will face two different congressional panels, according to a report by Fox Business journalist! Right now, attention is on how the SEC will schedule approvals or rejections of the Bitcoin app spot after Grayscale's win in the lawsuit against the SEC. Grayscale is trying to turn GBTC into a spot ETF.

The question that arises is whether Gensler will change the previous anti-crypto stance. After the Ripple vs. SEC case decision, Gensler appears more neutral in interviews related to crypto.

He stated that the decision to appeal the court's decision would involve all SEC commissioners, not only his own views as before. The question that arises is whether Gensler will be more flexible in his views ahead of the important hearing before the congress or not.