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SEC Chair Gary Gensler Questioned About Pokemon Cards and Cryptocurrency Legislation During Congressional Hearing

SEC Chair Gary Gensler faced tough questioning from Congress this week, with accusations of stifling the markets with regulatory red tape and pushing a "woke" political and social agenda. During the hearing, Gensler confirmed that Bitcoin is not a security but avoided answering whether it is a commodity.

Representative Ritchie Torres used Pokemon trading cards as an example to question Gensler on his interpretation of what constitutes an investment contract. Gensler struggled to provide clear answers, prompting Torres to call his evasions "deafening and damning." Observers also noted a Coinbase "Stand With Crypto" logo behind Gensler during the hearing.

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