Tom Emmer Introduces Amendment To Limit SEC’s Use of Funds for Digital Asset Enforcement
Tom Emmer, the Majority Whip of the U.S. House of Representatives, has introduced an amendment criticizing SEC Chair Gary Gensler for overstepping his authority in the cryptocurrency industry. Emmer is urging Congress to use their available methods to restrict Gensler from misusing taxpayer funds.
SEC Chair Gary Gensler to Testify Before Two Congressional Committees in September 2023
SEC Chair Gary Gensler is scheduled to testify before two separate committees of the US Congress in September 2023, following setbacks for the SEC during his tenure. While the focus of the hearings is not explicitly on the crypto market, it is expected to be a dominant topic. Gensler will also face questions on the SEC's plans to approve spot Bitcoin ETF filings from Blackrock, Ark Invest, Fidelity, Bitwise and others. This comes after Gensler remained neutral on the topic of crypto enforcement actions during an interview following the Ripple Vs SEC lawsuit Summary Judgment.
U.S. Lawmakers Call for Firing of SEC Chairman Gary Gensler
After the decision made by Grayscale on Tuesday, Ohio US Congressman Warren Davidson called for the removal of Securities and Exchange Commission (SEC) Chairman Gary Gensler. Regarding the ruling on Grayscale's lawsuit, Congressman Davidson wrote that Grayscale's victory provided more evidence that Gary Gensler's behavior at the SEC was arbitrary and capricious.
SEC Chair Emphasizes Transformative Potential of AI and Need for Regulation
Gary Gensler, the Chairman of SEC, has highlighted the transformative potential of AI and the need to adapt current securities laws. He believes that AI has the potential to revolutionize various aspects of the financial industry, offering new opportunities but also posing unique challenges. Gensler stressed the importance of having regulatory frameworks in place to address potential risks and the need for ongoing collaboration between regulators, industry stakeholders, and experts in AI technology to develop appropriate safeguards and guidelines.
SEC Chair Gary Gensler Shifts Focus to AI, Citing Potential Risks and Rewards
The chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is shifting his focus from cryptocurrency to artificial intelligence (AI), a technology he believes is the most transformative of this generation. Gensler warns of the dangers of unchecked AI automation in finance, which could have cascading implications for trillions of dollars in assets overseen by the SEC. Gensler has proposed regulatory frameworks for AI, requiring trading houses and money managers to evaluate whether their use of AI or predictive data could lead to conflicts of interest. However, Gensler's shift in focus toward AI does not indicate the SEC loosening its grip on cryptocurrencies, as several lawsuits involving major crypto firms are still pending.
SEC Chair Gary Gensler Avoids Discussing Ripple Case Specifics in Bloomberg Interview
Bloomberg intelligence runner James Seyffart pointed out that SEC chair Gary Gensler avoided discussing the Ripple case and Bitcoin ETF filings in a recent Bloomberg TV interview. During the interview, Bloomberg reporter Kailey Leinz asked Gensler about his thoughts on the Ripple verdict and whether the agency planned to appeal it. Gensler was evasive in his response, stating that he is one of five commissioners and has no say over whether the SEC will appeal the verdict. The judge in the Ripple case determined that XRP sales to retail investors did not qualify as securities, while those to institutional investors did.
SEC Chair Raises Concerns About Fraud and Manipulation in Crypto Industry Amid Pending Bitcoin ETF Applications
Gary Gensler, the Chair of the Securities and Exchange Commission, expressed doubts about the crypto market and raised concerns about fraud and manipulation when asked about pending applications for spot bitcoin exchange-traded fund applications. Gensler stated that there is a lot of noncompliance in the crypto industry and that the platforms where trading occurs are not necessarily compliant with time-tested protections against fraud and manipulation.
SEC Chair Gary Gensler Dodges Questions on Next Steps in Ripple Lawsuit
Gary Gensler, the Chair of the SEC, avoided answering questions about the agency's next steps in response to the recent XRP vs SEC lawsuit ruling. During an interview with Bloomberg TV, he did not confirm whether the SEC would appeal the decision. Gensler had previously expressed disappointment with the ruling, and the SEC has stated its intention to seek further review. The ruling determined that XRP is only a security when sold to institutional investors, not retail investors, and many US-based crypto exchanges have since relisted the token.
Ripple's Chief Legal Officer Criticizes SEC Chair's Stance on Cryptocurrency Securities
Stuart Alderoty, Chief Legal Officer of Ripple, has criticized the recent statements made by SEC Chair Gary Gensler during a congressional hearing. Gensler reiterated his belief that certain cryptocurrency tokens can be classified as securities, but Alderoty disagreed, stating that this is a misinterpretation of the law.
SEC Chairman Gary Gensler Seeks Millions in Funding To Expand Agency’s Efforts Against Noncompliant Crypto Industry
Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), has requested additional funding of tens of millions of dollars to expand the agency's budget. Gensler argued that the SEC needs to grow to protect investors against noncompliance in the crypto industry, which he described as the "Wild West".
