Gensler was subpoenaed to defend the SEC’s actions against cryptocurrencies

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Gary GenslerSEC Chairman, has been called upon by US lawmakers to clarify the agency’s regulation and approach to the digital asset industry.

The United States Securities and Exchange Commission (SEC) has cracked down on the crypto industry of late with virtually no congressional oversight on what action to take. However, it seems that this will change soon. On Tuesday, Patrick McHenry, chairman of the United States House Committee on Financial Services, announced during a interview that Gensler would appear before the House digital assets subcommittee on April 18.

The US House Committee on Financial Services is the House committee that oversees the financial industry, including the securities, insurance, housing, and banking industries. The digital assets subcommittee was established in January 2023 to close the House Financial Services Committee’s gap in the treatment of digital assets. The subcommittee is led by Republicans French Hill and Warren Davidson as his deputy. Both representatives are avid cryptocurrency supporters, and Davidson is one of the most prominent critics of President Gensler..

Chairman McHenry has said he wants to make SEC oversight a core part of his presidency and intends to give Gary Gensler more congressional oversight than in the past. McHenry confirmed that April 18 will mark the first official oversight hearing regarding the SEC. McHenry said:

This will be our first Securities and Exchange Commission oversight hearing. It will be about his rule making and his approach to digital assets. He will have great general oversight over the SEC. In terms of politics, [este será] a serious approach in terms of establishing […] a regulatory sphere for digital assets.

The president also said that he would closely investigate the regulation of crypto assets in the coming months:

I’m glad we were able to announce it and get it going. This will be the first of many regulatory hearings throughout the summer.

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