The strict regulations on cryptocurrencies imposed by SEC Chair Gensler trigger bipartisan criticism
SEC Chair Gary Gensler Faces Criticism Over Bitcoin ETFs
Lawmakers Unite Against SEC Chair
It’s not often that Democrats and Republicans agree on something, especially when it comes to politics. But this time, they have come together to criticize Securities and Exchange Commission (SEC) Chair Gary Gensler. Gensler has been leading a campaign against cryptocurrency companies, but his stance on spot Bitcoin exchange-traded funds (ETFs) has drawn the ire of lawmakers from both sides.
SEC’s Stance on Bitcoin ETFs
Four members of the House Financial Services Committee, two Democrats and two Republicans, wrote a strongly worded letter to the SEC. They called the SEC’s stance on Bitcoin ETFs “untenable” and accused the regulator of applying “inconsistent and discriminatory standards” to ETF applications.
SEC Chair Faces Hostility
This recent criticism is not the first time Gensler has faced hostility from lawmakers. Last month, he was criticized after the SEC lost a court case against Grayscale’s Bitcoin ETF application. Two months before that, committee member Tom Emmer co-sponsored a bill to remove Gensler from his position, citing his “long series of abuses” in the role.
Pressure Mounts for Bitcoin ETF
These past few months have been tough for Gensler, but it may be a win for the crypto industry. The pressure to approve a Bitcoin ETF is growing, and it seems inevitable that it will happen eventually.
SEC’s Accountability to Congress
While Gensler and his colleagues may resist, the SEC is ultimately accountable to Congress. The “crypto caucus” in Congress, made up of lawmakers interested in cryptocurrency, is becoming a powerful force. It’s likely that they will have a significant influence on the future of cryptocurrency regulation.