In an upcoming meeting, former SEC officials will question the agency’s crypto rules.
A big meeting in Congress on September 18 will talk about how the U.S. Securities and Exchange Commission (SEC) handles digital assets. “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets” is a good name for the meeting, which will include evidence from former SEC officials who don’t like how the agency regulates things.
What Was Said at the Hearing
Dan Gallagher, who used to be an SEC Commissioner and is now the Chief Legal Officer at Robinhood Markets, and Michael Liftik, who used to be an SEC attorney and is now a partner at Quinn Emanuel Urquhart & Sullivan, are two of the interviewees. Gallagher worked for the SEC from 2011 to 2015, and Liftik was Deputy Chief of Staff under former SEC Chair Mary Jo White. They are expected to give useful insights into the agency’s regulatory choices and how it works internally.
The President of Bitwise, Teddy Fusaro, the Director of Financial Regulation Studies at the Cato Institute, and Lee Reiners, a teaching fellow at Duke University, are some other well-known interviewees. In their testimony, they will talk about the bigger effects of the SEC’s current governing method and how it is seen to go too far.
Close examination of the SEC’s leadership and methods
During his time as SEC chair, Gary Gensler took many actions against bitcoin companies. These actions will also be looked at closely during the meeting. Some people say that Gensler’s method has been too aggressive and hasn’t given enough clear direction, which has caused misunderstanding and worry in the industry.
Additionally, Gensler is being looked into in relation to the SEC’s hiring processes, as it is claimed that political factors have affected the hiring process. Concerns about the SEC’s fairness have grown because of this probe, which has also put more pressure on Gensler’s leadership.
As the hearing gets closer, both the crypto community and lawmakers are eagerly waiting for any new information that might change how digital assets are regulated.
