On Tuesday, Oct. 2, all 5 leaders of the U.S. Securities and Exchange Commission (SEC) appeared before Congress in a very rare meeting.
The meeting was led by Chairman Gary Gensler, who was blasted regarding his stance on cryptocurrency. The nearly four-hour hearing hosted by the House Financial Services Committee was intense. Lawmakers took turns challenging Gensler, voicing their concerns about the SEC’s strict approach to the growing crypto industry.
One moment that really stood out was when Rep. Warren Davidson (R-OH) pressed Gensler about “Operation Choke Point 2.0.” a term used to describe an effort that the government is trying to stifle the growth of the crypto market. Gensler responded, saying, “I’ve never heard that term,” which surprised many people in the room following the rumors that he had discussed it with the Chair of the Federal Reserve behind closed doors.
Rep. Tom Emmer (R-MN), a big supporter of cryptocurrency, didn’t hold back his feelings. He said, “We could not have had a more destructive Chairman of the SEC,” making it clear SEC’s rules are hindering the growth of cryptocurrency in the country.
To add to the drama, SEC Commissioner Hester Peirce also spoke out during the hearing. She openly criticized the SEC’s unclear rules about crypto assets. “We’ve taken a legally imprecise view to mask the regulatory lack of clarity,” she said. Peirce went on to say that it is something that they should have “admitted to long ago”
She also placed blame on the SEC’s tough stance squarely on Gensler, saying, “The agenda is the Chairman’s agenda.”
Also Read: Gary Gensler Says It Again Bitcoin Is Not a Security
