Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, is set to appear before the U.S. Congress House Appropriations Committee on Wednesday.
The SEC led by Gary Gensler has taken several regulatory actions against companies and people related to crypto. The “regulation by enforcement” against the crypto industry amid heightened scrutiny has been criticized by the industry. The agency has also led the Biden Administration’s highly coordinated plan with regulators to strangle the crypto industry by cutting ties with the banking sector.
Eleanor Terrett in a tweet on March 23 revealed that Gary Gensler is to appear before the House Appropriations Committee for its budget hearing next Wednesday. She further added that this will be Gary Gensler’s first appearance before the House in this congressional session.
NEW: @GaryGensler will appear before the House Appropriations Committee for its budget hearing next Wednesday at 2:30PM. This will be his first appearance before the House this Congress.
— Eleanor Terrett (@EleanorTerrett) March 23, 2023
The House Appropriations Committee’s calendar also revealed that Gary Gensler, Chair of the U.S. SEC, will attend as a witness before the Financial Services and General Government Subcommittee on March 29 at 2:30 PM. The budget hearing will discuss the budget requirements of the SEC for the fiscal year 2024.
Several factors such as the ongoing banking crisis and the increase in the balance sheet of the Federal Reserve amid efforts to contain the crisis is likely to impact funding for the SEC. The Gary Gensler-led SEC has recently sued Tron founder Justin Sun for selling unregistered securities and sent Wells Notice to Coinbase over securities listing and staking services.
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