Gary Gensler Must Defend Anti-Crypto Policy Before Congress

Gary Gensler

Gary Gensler has to defend his anti-crypto policy before the US Congress as early as next month. Since February, the chairman of the SEC has been taking a hard line against the fledgling industry.

Gary Gensler Must Defend Anti-Crypto Policy Before Congress

Gary Gensler has made a name for himself as a crypto critic over the past few months. Until recently, however, the US supervisory authority SEC, which he heads, remained cautious. That changed in February.

Since then, the SEC has focused on major players in the crypto industry . The campaign was unofficially named Operation Choke Point 2.0 in reference to a campaign carried out under Barack Obama against unwelcome businesses and their associated banks.

This will be our first oversight hearing with the SEC.

Congressman Patrick McHenry tells Punchbowl News. McHenry is the chairman of the Financial Services Committee. Gensler is scheduled to audition on April 18th.

It’s about its rulemaking and approach to digital assets and the general oversight of the SEC. For us as a legislature, the topic of digital assets is particularly important. Hopefully we will spend the next few months with this.

According to McHenry, it was difficult to set up an appointment with the SEC chairman. A series of similar discussions will follow over the summer.

SEC should enjoy less freedom in the future

McHenry said it was his goal to give the SEC less freedom in the future. The supervision of the authority by the legislature should be stricter than usual. McHenry is a member of the Republican Party and created the Subcommittee on Digital Assets in January 2023.

Its chair is held by French Hill. His deputy is Warren Davidson – both also Republicans. Additionally, they are known for their crypto-friendly attitude. On Twitter , Davidson recently endorsed Gensler’s sacking.

In addition, there is legal criticism of the recent actions of the US authorities. The law firm Cooper & Kirk PLLC sees clear parallels between Operation Choke Point and the recent crackdown on the crypto industry by US authorities.

In 2014, the law firm successfully challenged the authorities’ repressive strategy. The same procedure can currently be seen again. The assessment suggests that this time, too, it is an illegal procedure.

Reading tip: CFTC files lawsuit against Binance

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