In the wake of heavy criticism against the U.S. Securities and Exchange Commission (SEC) crackdown on crypto companies, a body of lawmakers are reportedly challenging people like Gary Gensler. The crypto community opposed the recent enforcement actions by the SEC as well as the New York State Department of Financial Services (NYFDS). The enforcement actions included restrictions on Kraken’s crypto staking program and Paxos’ issuance of Binance USD (BUSD) stablecoin.

According to latest reports, a new “Digital Assets Subcommittee” within the House Financial Services Committee is set to hold a hearing soon. Reports said the hearing, the first ever around crypto market, will likely be held on March 9, 2023. The subcommittee hearing is titled as “Coincidence or Coordinated? The Administration’s Attack on the Digital Asset Ecosystem.” Although the subcommittee is yet to reveal whom to question in the hearing, Gary Gensler is most likely to be among the witnesses considering the dominance of the SEC in recent enforcement actions.