September 21, 2023

SEC Chairman Gary Gensler to give explanation in US Congress

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SEC Chairman Gary Gensler to give explanation in US Congress

The US House of Representatives requested the opinion of the chairman of the Securities and Exchange Commission (SEC) on revising the structure of the digital asset market.

Gary Gensler will perform in front of the bottomby the House of Congress with a report in which he should explain to congressmen the position of the regulator regarding the provisions of the bill concerning the principles of registering digital assets for crypto exchanges.

The result of the dialogue with legislators, along withthe upcoming SEC verdict in a lawsuit against Ripple, may have significant legal consequences that could affect the future of the US cryptocurrency market. Parliamentarians intend to give the green light to digital securities, commodities and stablecoins for trading. The opinion of the head of the SEC can provide the order of congressmen with the necessary arguments justifying the legislative explanation for the differences between a cryptographic security and a commodity.

Debate on bill comes amid growing escalation
litigation between the SEC and the largest cryptocurrency exchanges Coinbase and Binance. In its lawsuit, the SEC accuses cryptocurrency platforms of violating securities laws.