The United States Securities and Exchange Commission (SEC) chief Gary Gensler is set to testify before the House Financial Services Committee for the first time.
In an interview, Representative Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face questions on April 18 over his approach toward the crypto ecosystem.
The SEC chief’s approach toward crypto has turned many heads over the years, with many Democratic party members voicing their concern about his approach. Some in the crypto industry believe the party’s anti-crypto stance could be disastrous for its 2024 election campaign.
Dennis Porter, the co-founder of the Satoshi Action Fund, said that many pro-crypto and pro-Bitcoin Democrats are lining up to voice their opposition to the party’s stance.
U.S. regulators have taken a hard stance on crypto in the first months of 2023, with the SEC issuing Wells notices to several crypto firms, including Coinbase. The Commodity Futures Trading Commission has also filed a new lawsuit against Binance. However, the crypto community has always highlighted that regulations would be decided by Congress, not individual agencies.