SEC Faces Scrutiny Over Enforcement Approach Amidst Crypto Crackdown
Former SEC Officials to Speak at Politicization Hearing
Two former SEC staff members are set to testify at a Sept. 18 hearing focused on the politicization of crypto regulation. The witnesses include former SEC Commissioner Dan Gallagher and Michael Liftik, a former senior adviser at the commission.
Allegations of Political Bias in Crypto Regulation
The hearing follows accusations from House Republicans that the SEC is hiring staff based on political affiliations. Under Gary Gensler’s leadership, the commission has been accused of implementing an agenda that harms the digital asset ecosystem.
Concerns Over Gensler’s Approach to Crypto Regulation
Witnesses at the hearing will include Bitwise President Teddy Fusaro and Jennifer Schulp, a financial regulation expert. In her written testimony, Schulp argued that the SEC’s current approach under Gensler is equivalent to a “ban on crypto activity” in the United States.
Gensler’s Position on Crypto Sparks Debate
The hearing will delve into the inconsistencies surrounding Gensler’s stance on digital assets as securities under the Howey test. Disagreements between commissioners have further fueled debates on the future of crypto regulation in the U.S.
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