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：百科资讯)

• ·ATP币总量多少？星途协议币发行量介绍
• ·10月31日国投瑞银锐意改革混合A净值下跌0.45%，近1个月累计上涨6.09%
• ·哪个平台可以看比特币行情？比特币行情软件排名介绍
• ·10月31日汇添富盈鑫混合C净值下跌1.08%，近1个月累计下跌4.14%
• ·BTt是什么币？BTT币怎么样？
• ·10月31日恒越智选科技混合C净值增长1.47%，近3个月累计上涨34.13%
• ·九龙景区地址在哪里
• ·汉王科技：发布MOUNTAIN系列手写办公本 配备AI创作助手
• ·一米到底等于多少？一米等于多少
• ·10月31日银河研究精选混合A净值增长0.14%，近3个月累计上涨18.12%
• ·怎么购买ICP币币？ICP币币在哪个平台交易？ICP币币购买交易教程
• ·10月31日海富通欣盈6个月持有期混合C净值增长0.14%，近3个月累计上涨1.54%
• ·安卓手机呼叫转移设置，1分钟搞定！安卓如何设置呼叫转移
• ·保险公司是如何计算税费的？如何申报税务？
• ·最便宜门罗币交易所在哪下载？国际顶尖门罗币交易所市场占有率排名
• ·10月31日安信成长精选混合C净值下跌0.89%，近1个月累计上涨1.72%