TL; DR
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SEC Chairman Gary Gensler faces the House Financial Services Committee, charged with explaining his confusing approach to crypto regulation.
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Both sides of the aisle seem to be losing patience with Gary’s vague statements.
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There is a live Twitter feed about the government website where we’re watching the livestream, and it’s a constant stream of messages from members of Congress, absolutely flaming Gary.
Full story
If you are legally/morally obligated to do something you don’t want to do, what’s the move?
If you’re an 8-year-old tasked with cleaning your room, you might work as slowly as possible, in a strange form of protest.
If you are a 65-year-old bureaucrat who needs to ensure that certain proponents of the US financial system operate fairly and wants to exert certain biases against a particular asset class, without getting in trouble…
You could drag your feet and file a series of lawsuits that you’re sure to lose, just to get things out of the way…
But ultimately, you’ll have to face the music (and/or the House Financial Services Committee) to provide a legitimate reason for your behavior.
And that’s exactly what SEC Chairman Gary Gensler is doing right now! Seriously, we’re listening to it live as we type this.
The distribution of the general sentiment:
For the members of Congress who use their time to talk about crypto (and not broader political issues), both sides of the aisle seem to be losing patience with Gary’s vague statements about crypto.
The threat:
Chairman McHenry says Congress will take legal action against the SEC if clarity and fair regulation are not put into practice soon.
The funny part:
There are currently no posts on the Government Financial Services website…
There is a live Twitter/X feed aggregator for the government website where we’re watching the live stream, and it’s just a constant stream of messages from members of Congress, absolutely flaming Gary.
(See header image).
