- The Senate Banking Committee hearing was on the 12th of September. The SEC chairman was present.
- Gary Gensler is yet to provide clarity on the spot Bitcoin ETF situation.
Gary Gensler is the head or chairman of the Securities and Exchange Commission. So, here are the key takeaways from the recent Senate Banking Committee hearing.
Gary Gensler Appearance at the Senate Banking Committee Hearing
- The chairman of the Securities and Exchange Commission, Gary Gensler, faced the Senate Banking Committee on the 12th of September, 2023. So, this appearance before this committee was to address many things regarding the federal commission. The SEC works for the US government and answers directly to them. So, the new appearance from Gary Gensler was a bit of a review regarding his agency.
- One key takeaway from this appearance was the reduction of focus on the crypto industry. Instead, the committee during this hearing had their focus on Gary Gensler’s strategies. Not many senators in the committee were happy with the methods employed by the SEC to carry out its duties. Furthermore, the hearing showcases a renewed interest in artificial intelligence.
Gary Gensler Leaves No Clarity Regarding Spot Bitcoin ETFs
- During the recent hearing, spot Bitcoin ETFs were among the topics. However, Gary Gensler didn’t clarify the stance of the US regulator regarding the issue. Senator Hagerty brought up the question regarding the issue of spot Bitcoin ETFs in the United States. So, in his response, the chairman of the US regulator didn’t give a clear answer to the questions. All he said was there were multiple spot Bitcoin ETF applications in the US, including that of Grayscale. In fact, a reporter in the room pointed out Gensler beating around the bush.
- Eric Balchunas, a senior ETF analyst at Bloomberg, pointed out that Gensler’s response was unclear. So, the SEC Chairman wasn’t making a good attempt to answer the question thrown at him. Judging from his response at the panel, there’s still no clarity regarding spot Bitcoin ETFs in the United States.
Senate Banking Committee Panel Slams SEC Chairman
- The panel at the Senate Banking Committee hearing didn’t find it pleasing with Gary Gensler. So, Senator Lummis, a supporter of digital assets, told the SEC that there was a lack of clear guidelines for crypto operations in the country.
- Lummis suggests that companies should list crypto on their balance sheets. However, the SEC isn’t comfortable with the suggestion. According to the SEC Chairman, crypto such as Bitcoin and the rest differs from regular securities, making it harder to separate from normal assets.
Conclusion
The Senate Banking Committee hearing is an event that holds a lot of promise for the crypto industry. Furthermore, a lot can happen here that might change the course of the crypto industry. In the recent hearing, there were some issues with the SEC chairman and some senators. So, some of them are not happy with the way Gary Gensler is operating the federal agency.
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