The United States Securities and Exchange Commission (SEC) has recently increased its pressure on the cryptocurrency industry. This has a negative effect on Bitcoin and cryptocurrencies.
In the face of the SEC’s attitude towards cryptocurrencies, the US Congress is also working on regulating cryptocurrencies.
In this context, Patrick McHenry, chairman of the Financial Services Committee, who is a supporter of BTC and crypto, announced that SEC Chairman Gary Gensler will testify before the House Financial Services Committee for the first time.
Confirming that Gensler will testify in an interview, Patrick McHenry said that on April 18, Gensler will have to face questions from Congress regarding his approach to cryptocurrencies.
Patrick McHnery made the following statements in his interview:
“This testimony by Gensler will be the SEC’s first surveillance hearing.
The hearing will focus on Gensler’s rulemaking and approach to cryptoassets.
The House Financial Services Committee will have broad overall control over the SEC and will take a serious approach to “setting a regulatory space for digital assets.”
As it is known, US regulators SEC and CFTC have toughened their stance against cryptocurrencies since the beginning of 2023. In this context, it has sent warnings to many crypto companies, including Coinbase and BUSD.
Finally, the CFTC sued Binance, the world’s largest cryptocurrency exchange.