US SEC Chair Gary Gensler Confirms Congress Testimony, Here’s What To Expect

The US SEC Chair confirms testifying before the Congress this week, sparking market speculations. Notably, the testimony comes at a time when his leadership at the SEC is under immense scrutiny both from partisan lines and his political leanings.

In addition, as the US Presidential election approaches, lawmakers are anticipated to press the SEC chair hard on several issues like the crypto regulation approach, and handling of frauds like FTX, Terra, and others. Besides, recently, Coinbase CLO has criticized the SEC’s “crypto asset security” claims, as it faces heavy backlash from the community.

Meanwhile, according to Blockchain Association Government Relations Director Ron Hammond, Gary Gensler will face questions from both parties. However, these hearings would be somewhat different from the previous ones, according to him.

In other words, the differentiating support from the agency is what makes these hearings unique. According to Hammond, Gensler has fewer allies this time, as many have shown dismay with his leadership, especially with the agency’s recent crypto approach.

In addition, this is the first time Genser will be joined by other SEC Commissioners, which marks a rare event in such hearings. While the democratic leaders are likely to defend his policies, the Republicans are expected to counter his views. In other words, the Republicans are expected to put pressure on him questioning the agency’s direction.