Ripple
September 25, 2024
Ripple Unicorn News - September 25, 2024
SEC Chairman Gary Gensler faced rigorous questioning from Congress over the SEC's approach to cryptocurrency regulation, highlighting issues such as the definition of securities and the impact of new guidelines on the banking sector. The political influence of the crypto industry is also growing, as demonstrated by the success of crypto-supported super PACs.
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() SEC Chairman Gensler Faces Congressional Grilling Over Crypto Oversight
On September 24, 2024, SEC Chairman Gary Gensler and other commissioners faced intense scrutiny during a Congressional hearing regarding their regulation of digital assets. The hearing underscored significant tensions over the SEC's approach to cryptocurrencies, with criticisms focusing on the lack of clear definitions for what constitutes securities in the crypto space. SEC Commissioner Hester Peirce criticized the current guidelines as vague, and the controversial Staff Accounting Bulletin 121 (SAB 121) was also discussed, facing bipartisan opposition for its restrictive impact on banks handling cryptocurrencies. The political influence of the cryptocurrency sector is growing, as evidenced by the success of the super PAC Fairshake, supported by major crypto companies like Ripple. This group has achieved notable electoral success, highlighting the increasing political and economic clout of the industry. Chairman Gensler is set to testify again on September 25, 2024, before both the House Financial Services Committee and the Senate's Banking, Housing, and Urban Affairs Committee, amid calls for regulatory clarity and American leadership in internet technology development from lawmakers such as House Republican Majority Whip Tom Emmer and Rep. Patrick McHenry.
