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The Senate Criticized The SEC's Policy On Cryptocurrencies

The Senate Criticized The SEC's Policy On Cryptocurrencies


On 12 September, Gary Gensler addressed the Senate on various issues, including the chairman answering questions regarding the SEC's cryptocurrency policy. Gensler made some interesting remarks and was also criticized by the Republican Party.

During the tense hearing, the SEC chairman tried to defend the regulator's activities. The hearings were controversial, as not everyone sided with the SEC's cryptocurrency policy.

For example, Senator Steve Daines demanded an explanation of the SEC's approach to regulating cryptocurrencies. Gensler replied that the regulator has always acted within the law. The question came against the backdrop of the recent SEC actions against Binance and Coinbase.

The Bitcoin ETF topic was of a special interest. Gensler's statements on the topic raised hopes in the crypto community. Senator Bill Hagerty asked what it would take for the regulator to approve applications for Bitcoin ETFs. Gensler replied that the regulator is still considering the matter and consulting with his team.

The Senate's questions were followed by harsh criticism of Gensler and the regulator. Members of the Republican Party said that the chairman's activities go beyond the scope of his authority, which could cause disastrous consequences for businesses and investors. On the other hand, Senator Elizabeth Warren felt the implementation of the SEC's tough policies was not fast enough.

The chairman responded to the criticism with the same old idea of ongoing investor protection. He stressed that having worked in finance for 44 years, this is the first time he has seen such an abundance of misconduct, which scares him. The Chairman also responded to a question regarding the SEC's legal troubles with the cryptocurrency sector. Referring to existing litigation, Gensler said that the regulator will continue to act within its authority.

Many were curious about the topic of AI regulation. Gensler gave contradictory testimony. On the one hand, deep fakes and AI pose a real threat. However, when asked by Senator Catherine Cortez Masto whether the regulator uses AI technologies in its activity, the chairman responded positively.

How did the cryptocurrency market react?

Crypto asset prices tend to react to such events in the financial sector. In the last 24 hours, the Bitcoin price jumped 3.77% to reach $26,108. At the time of writing, Bitcoin was worth $25,867. The coin's trading volume has increased by 123% over the past week. 

Bitcoin is also growing amid news of new applications for Bitcoin ETFs. A growing number of companies are confident in the development of this direction, despite the actions of the SEC. The price growth is supported not only by external factors, but also by short selling.

Source & Copyright TradingView

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

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