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.
Also Read: Robinhood Wallet Now Supports Bitcoin, Dogecoin; Ethereum Swaps Enabled
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.
🚨SCOOP: SEC Chairman @GaryGensler has agreed to testify before @BankingGOP/@SenateBanking on Tuesday September 12th and before @FinancialCmte/@FSCDems on Wednesday September 27th.
— Eleanor Terrett (@EleanorTerrett) August 30, 2023
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?
Also Read: XDC Hits Weekly High Amid US Treasury Token Offering Debut
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
