SEC Commissioners to Testify Before Congress Amid Gensler Criticism

Fox Business reporter Eleanor Terrett has reported that all five SEC commissioners are scheduled to testify before the U.S. House Committee on Financial Services next Tuesday.

SEC Chairman Gary Gensler is set to appear the following day.

Gensler has faced significant criticism from both the cryptocurrency sector and some crypto-friendly lawmakers for the SEC’s stringent “regulation by enforcement” strategy.

Under his leadership, the SEC has taken aggressive actions against major crypto firms like Coinbase and Binance.

Critics, including Ripple CEO Brad Garlinghouse, argue that this approach stifles innovation in the U.S. and encourages companies to move to more crypto-friendly regions.

Earlier this year, Gensler was scrutinized by the House Financial Services Committee for failing to clarify the legal status of Ethereum, with Rep. Patrick McHenry accusing him of misleading Congress. Additionally, Republican lawmakers have initiated an investigation into Gensler for alleged misuse of funds.

Kosta Gushterov