US SEC’s Gary Gensler To Face Huge “Crypto” Hearings

In what could be yet another tough face off with lawmakers, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler looks set to testify before two separate committees of the US Congress in September 2023. These hearings come at the back of the historic XRP lawsuit Summary Judgment and the Grayscale spot Bitcoin ETF lawsuit victory, both of which are huge setbacks for the US SEC during the Gensler regime.

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While the announcement on the hearings do not explicitly suggest a focus on the crypto market news, it could well be the dominant part of the US Senate and House committee hearings. Interestingly, this time around Gensler would also have to face questions on the SEC’s plans to approve the spot Bitcoin ETF filings from Blackrock, Ark Invest, Fidelity, Bitwise and others.

Gary Gensler To Testify Before Two Congress Panels

According to a scoop from Fox Business journalist Eleanor Terrett, the US SEC Chair had agreed to testify before the U.S. Senate Banking Committee GOP as well as the U.S. House Committee on Financial Services Republicans in two separate hearings scheduled in September 2023. Following the Grayscale victory in the lawsuit against the US SEC, the onus is now on the agency to clarify on its timeline for potential approval of the spot Bitcoin ETF application. The company is seeking to convert its Grayscale Bitcoin Trust ($GBTC) into a spot ETF.

Will Gensler Soften Anti-Crypto Stance?

In the first ever sign of acceptance of defeat against the anti-crypto enforcement actions, Gensler had recently remained neutral on this topic during an interview following the Ripple Vs SEC lawsuit Summary Judgment. He said the decision on appealing the Court decision would be a collective decision of all the SEC commissioners, unlike his previous stance of speaking freely against the crypto businesses. Will Gensler further soften his stance in the lead up to the crucial hearings?

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