US Congress to Scrutinize SEC’s Agenda Amid War Against Crypto

A new hearing scheduled by the Financial Services Committee hopes to address the SEC’s agenda and its impact on capital markets.

The United States House Financial Services Committee (FSC), a Committee within the U.S. Congress, has announced a hearing scheduled for Tuesday, Oct. 24. The is to review the “U.S. SEC’s agenda and its unintended consequences on capital markets and investors.”

The Financial Services Committee, as its name implies, is responsible for overseeing the U.S. financial services sector, including reserve banks, currency distribution, and capital markets. The scheduled hearing is an exercise of the Committee’s authority to ensure precise regulation for market participants.

Hearing to Address Concerns on Crypto Regulation

At the time of writing, the House Financial Services Committee has yet to provide a memo on the hearing or a list of witnesses.

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However, the event will most likely address the SEC’s ongoing war against the cryptocurrency industry. The Committee has continually advocated for clear crypto regulation and is led by Chairman Patrick McHenry, who represents North Carolina’s 10th congressional district. 

The Committee Chairman has broadly expressed dissatisfaction with the SEC’s approach to regulating the digital assets industry. Specifically, Chairman Patrick McHenry has called out the SEC for failing to comply with congressional oversight by overreaching to regulate an industry that Congress has not granted the agency power to oversee.

In a September hearing, the House Financial Services Committee blasted SEC Chair Gary Gensler for adopting a reckless approach to rulemaking for capital markets. At the time, the Committee also called out the SEC for its actions, which “have pushed legitimate digital asset activities out of regulated financial institutions where consumers are best protected.”

Over the past year, the SEC has brought enforcement actions against mainstay crypto companies such as Ripple, Coinbase, Binance, and Kraken. The House Committee perceives these actions as an overreach and hopes to curtail the SEC’s efforts which have largely impeded the growth of digital assets in the U.S.

Granted, a Committee hearing such as the one scheduled for Oct. 24 does not directly translate to the provision of regulation. However, it provides a formal platform for congressional committees and the general public to obtain and analyze information that could lead to such rules. 

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• Source: https://thecryptobasic.com/2023/10/18/us-congress-to-scrutinize-secs-agenda-amid-war-against-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=us-congress-to-scrutinize-secs-agenda-amid-war-against-crypto