US Securities and Exchange Commission (SEC) Chairman Gary Gensler was heavily criticized by lawmakers from both parties during a congressional hearing yesterday for mishandling cryptocurrency regulation issues.

The lawless SEC chairman

According to The Block, during the House Financial Services Committee hearing on Tuesday, Republican whip Tom Emmer asked Gary Gensler about the case between the SEC and cryptocurrency startup DEBT Box. A federal judge in Utah once criticized the SEC for poor performance in handling the case, stating that their actions were inappropriate. In the end, the institution was ordered to pay sanctions, including legal fees and related expenses. The judge also criticized the misleading statements made by the SEC, which acknowledged that it did not meet the expected standards.

Tom Emmer directly asked Gary Gensler, "Don't you feel embarrassed when we talk about this today

Regarding this, Gary Gensler responded, "The handling of this case is indeed not very good

On the other hand, Tom Emmer also criticized Gary Gensler as the most "destructive" and "lawless" chairman in the 90 year history of the regulatory agency during the hearing. Tom Emmer told Gary Gensler during the House Financial Services Committee hearing:

You created the term cryptocurrency securities. We cannot have a more historically destructive or lawless SEC chairman

Over the years, many members of Congress have criticized the SEC's cryptocurrency regulatory approach, believing that the rules for the industry are not clear enough. But there is also a group of lawmakers who are cautious about cryptocurrencies, such as Maxine Waters from the Democratic Party, who believe that the SEC is fulfilling its responsibility to protect investors and ensure that the US capital market maintains a global leading position.

This hearing coincides with the election season, and cryptocurrency has become a hot topic. According to a report by consumer advocacy group Public Citizen, cryptocurrency companies have already spent $119 million in 2024, with the majority of funds flowing into political action committees, particularly the Fairshake PAC.

Tom Emmer also mentioned Vice President He Jinli's recent remarks on cryptocurrency. He Jinli stated that she will "encourage innovative technologies such as artificial intelligence and digital assets, while protecting consumers and investors," and will create a "transparent and consistent business environment.

Tom Emmer asked Gary Gensler:

Is this also your strategy? Or is she criticizing you because she thinks you haven't been able to establish clear enough rules in her government over the past three years

Gary Gensler stated that there are currently legal norms in place, but Congress can change these laws, cleverly avoiding this issue and shifting responsibility back to Congress.

Comparison between baseball tickets and NFTs

On the other hand, Democratic Congressman Ritchie Torres also raised questions about how the SEC defines securities, using the example of tickets for the New York Yankees. The cryptocurrency supporter asked Gary Gensler if purchasing a Yankees ticket would be considered a security, and pointed out that the ticket allowed him to enter and watch the game.

The background of Ritchie Torres' question is that the SEC has sued multiple NFT issuers, accusing them of issuing unregistered securities, including Stoner Cats 2 LLC.

Ritchie Torres asked:

From a legal perspective, is there any difference under federal securities law between buying a ticket to watch a Yankees game and buying an NFT to watch an animated web series

Gary Gensler responded that it depends on how the product is provided and sold, and cited Howey's test to illustrate whether there is an investment contract. This test is based on the 1946 ruling of the United States Supreme Court and is used to determine whether an asset belongs to securities.

Regarding this, Ritchie Torres retorted, "People's expectations of whether something can appreciate in value or be sold for profit in the secondary market can apply to any collectible, consumer goods, artwork, or musical work

(责任编辑：金店)

• ·乌克兰将向欧盟提交40页对俄制裁方案，锐评美国不够努力！
• ·央企改革概念31日主力净流出45.58亿元，中国长城、中国船舶居前
• ·定期存款怎么做账
• ·meme币交易所app下载 meme币交易所app官网下载最新版本
• ·亚洲缺少什么什么气候
• ·利润表的构成是怎样的呢？
• ·比特币主升浪没出现前不要下车
• ·建筑业异地预缴增值税退税吗
• ·以太坊以后价格-以太坊以后价格预测
• ·保险利益的确立条件有哪些？具体是如何规定的呢？
• ·Arbitrum 生態 DeFi 專案 DeltaPrime 因私鑰洩漏遭駭 600 萬鎂
• ·凯发电气收盘跌1.47%，主力资金净流出2323.86万元
• ·请问绵阳市住房公积金贷款有哪些？我想在绵阳市买房。
• ·USDT钱包推荐USDT钱包官方推荐
• ·公司收到的跨年租金收入如何入账
• ·顶点软件收盘涨2.61%，主力资金净流入3711.09万元