Prepared Testimony from SEC Chair Gary Gensler for House Financial Services Committee Hearing: “Nothing about the crypto markets is incompatible with the securities laws”

Tomorrow (April 18, 20223), SEC Chairman Gary Gensler will testify in front of the House Financial Services Committee. The oversight hearing will “examine the regulatory developments, rulemakings, and activities that the SEC has undertaken in the period since the last hearing on October 5, 2021.”

As the SEC has pursued a very aggressive regulatory agenda, the hearing will have a long list of items to discuss with the Chair.

Issues listed on the hearing memo include:

  • Cybersecurity disclosure
  • Amendments Regarding the Definition of Exchange which expand into digital assets
  • Climate-related disclosure which will add inestimable cost to public firms
  • A requirement for SEC-registered investment advisers to put all their client’s assets, including all digital assets like Bitcoin, with “qualified custodians”
  • and more…

In prepared testimony, available below, Chair Gensler will promote the SEC’s mission focusing on “market integrity and disclosure” as well as the need for rigorous investor protection.

Other hot topics included in the Chair’s testimony includes a pending review of artificial intelligence in financial services.

Regarding crypto, Gensler will adhere to his opinion most all digital assets are securities:

“Nothing about the crypto markets is incompatible with the securities laws. As I’ve said numerous times, the vast majority of crypto tokens are securities.”

Gensler will defend his aggressive push into climate disclosure claiming the “Commission has proposed a rule for consistent and comparable climate-risk disclosure.”

As there are a lot of issues House Republicans want to challenge, the discourse should be interesting.

The hearing starts at 10 AM ET and will be live-streamed on the Committee website.



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