{"id":7585,"date":"2024-09-17T23:00:53","date_gmt":"2024-09-17T23:00:53","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7585"},"modified":"2024-09-17T23:00:53","modified_gmt":"2024-09-17T23:00:53","slug":"a-turning-point-for-crypto-ex-sec-officials-to-testify-vs-regulator-in-dazed-hearing","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7585","title":{"rendered":"A Turning Point For Crypto? Ex-SEC Officials To Testify Vs Regulator In \u2018Dazed\u2019 Hearing"},"content":{"rendered":"

In a well-publicized congressional hearing scheduled on September 18, 2024, former high-ranking United States Securities and Exchange Commission executives are to testify against the agency.\u00a0Dubbed \u201cDazed and Confused:<\/a> Breaking Down the SEC\u2019s Politicized Approach to Digital Assets,\u201d the hearing will center on the divisive SEC policies on crypto, especially under Chair Gary Gensler\u2019s direction.<\/p>\n

This testimony would most probably give insight into the perceived overreach as well as the lack of clear and explicit guidelines for the crypto industry.<\/p>\n

Ex-SEC Officials To Testify Against SEC In Crypto Hearinghttps:\/\/t.co\/xupt7Y4wRk<\/a><\/p>\n

\u2014 John Morgan (@johnmorganFL) September 16, 2024<\/a><\/p>\n\n

Witnesses And Their Insights<\/strong><\/h2>\n

Dan Gallagher, a former SEC commissioner, and Michael Liftik, who used to be Deputy Chief of Staff to former SEC Chair Mary Jo White, are among the most important witnesses.<\/p>\n

Gallagher is now the Chief Legal Officer at Robinhood Markets, while Liftik is a partner in Quinn Emanuel Urquhart & Sullivan, LLP. The insider views from these two would reflect the internal happenings and decision-making of the commission during Gensler\u2019s tenure.<\/p>\n\n

Some of the witnesses appearing before the committee will include Teddy Fusaro, the president of Bitwise. They are joined by Jennifer Schulp of the Cato Institute. The testimonies will, in many respects, focus on general impacts of enforcement centered by the SEC.<\/p>\n

Gensler In The Crosshairs<\/strong><\/h2>\n

In recent years, the enforcement activities of the SEC with regards to cryptocurrency companies had increased. The SEC reported an all-time-high in enforcement actions last year, and critics furiously argue that the agency relies on a practice called \u201cregulation by enforcement.\u201d<\/p>\n

Wow\u2014all 5 SEC Commissioners!<\/p>\n

What are the odds @PatrickMcHenry<\/a> will ask Gary\u2014one last time\u2014whether ETH is a security or a commodity? <\/p>\n

We can count on @RepRitchie<\/a> for a few good zingers.<\/p>\n

Could be @HesterPeirce<\/a>\u2019s audition for the top spot if . . . well, you know.<\/p>\n

Good work\u2026 https:\/\/t.co\/QmoAXmoeli<\/a><\/p>\n

\u2014 MetaLawMan (@MetaLawMan) September 17, 2024<\/a><\/p>\n\n

Once again, this has left people in the crypto community frustrated and confused as companies attempt to navigate murky waters of unclear regulations.<\/p>\n

Beyond regulation, Gensler\u2019s leadership is under review. House Republicans are investigating SEC hiring practices for political bias, casting doubt on the agency\u2019s independence. This inquiry puts Gensler under further pressure before his congressional testimony this month.<\/p>\n

Crypto Regulation Moving Forward<\/strong><\/p>\n

The crisis hearing might change US cryptocurrency<\/a> regulation. With Gensler\u2019s regulatory style and the SEC\u2019s approach to digital assets under intense scrutiny, testimonies may change how cryptocurrencies are regulated.<\/p>\n

Featured image from Getty Images, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

In a well-publicized congressional hearing scheduled on September 18, 2024, former high-ranking United States Securities and Exchange Commission executives are to testify against the agency.\u00a0Dubbed \u201cDazed and Confused: Breaking Down the SEC\u2019s Politicized Approach to Digital Assets,\u201d the hearing will center on the divisive SEC policies on crypto, especially under Chair Gary Gensler\u2019s direction. This […]<\/p>\n","protected":false},"author":0,"featured_media":7586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7585"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7585"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7586"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}