Republicans and Democrats Unanimously Criticize Chairman Gensler
"Chairman Gensler inserts political stance into regulations"
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At the US House of Representatives hearing on cryptocurrency, financial technology, and inclusion on the 18th (local time), many members of the House of Representatives criticized Chairman Gensler across party lines.
“Gensler has inserted politics into cryptocurrency regulation,” said Republican Rep. French Hill, adding that the current SEC is abusing its power to enforce regulations and hindering innovation and technology adoption in the market.
“The SEC has been enforcing regulations based on political stances, and as a result, the cryptocurrency industry is evolving in a way that is favorable to the industry,” said Democratic Rep. Stephen Lynch. “They are spending too much energy and time regulating a small part of finance, rather than the technological benefits of blockchain.”
Democratic Rep. Wiley Nickel also said Gensler has been “overly politically motivated” in his approach to regulating the cryptocurrency industry, adding that “Gensler is hurting investors, innovation, American competitiveness, and the Democratic administration.”
Over the past few years, Gensler has argued that most cryptocurrencies, except Bitcoin (BTC), are securities, and has prosecuted a number of cryptocurrency companies under securities laws. The SEC essentially lost its trial with Ripple in August of this year.
Criticism of SEC Chairman Gensler, who led the SEC, is pouring in from all over the political world due to the SEC's failure to enforce regulations and the decline of the cryptocurrency industry in the United States. Regarding this situation, Bloomberg reported on the 9th of this month that "Vice President Harris's supporters" demanded that Vice President Harris remove Chairman Gensler from the position, based on testimony from sources.
Reporter Kwon Seung-won ksw@
