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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler<\/a> defended the agency\u2019s record of regulation, enforcement, and its rulemaking authority during a contentious hearing before the Senate Committee on Banking, Housing, and Urban Affairs this Tuesday, Sept. 12.<\/p>\n The hearing highlighted the tension between the SEC\u2019s extensive rulemaking under Gensler\u2019s tenure and those who believe it exceeds the SEC\u2019s congressional mandate.<\/p>\n Gensler, disparagingly labeled an \u201cunelected bureaucrat\u201d by Sen. Steve Daines of Montana, was tasked with justifying the SEC\u2019s approach to cryptocurrency regulation and its broader rulemaking authority amidst numerous criticisms. The chair replied the SEC has been appropriately following facts and laws in its oversight of cryptocurrencies. This comes in the wake of a slew of enforcement actions against the cryptocurrency space and its biggest participants, including Binance<\/a>, Coinbase<\/a>, and more.<\/p>\n When queried about a recent court decision that criticized the SEC for blocking a spot Bitcoin (BTC<\/a>) exchange-traded fund, Gensler stated that the agency is still reviewing the ruling and multiple similar filings.<\/p>\n Gensler\u2019s extensive rulemaking activities drew criticism from multiple Republicans who argued it exceeded the SEC\u2019s congressional mandate and risked detrimental consequences for businesses and investors. Nonetheless, Gensler stood firm, citing precedents in defending the scope of rulemaking and asserting it aligns with the actions of previous chairs. He emphasized the agency values input from all types of investors on proposed rules.<\/p>\n Sen. Elizabeth Warren<\/a>\u00a0(D-MA), criticized Gensler for not implementing stronger private equity fund regulation quickly enough. Gensler pointed to a recently finalized rule requiring additional disclosures as an indication of progress.<\/p>\n Gensler\u2019s stance on cryptocurrency regulation has consistently emphasized the need for greater oversight. Despite the presence of good faith actors<\/a> within the industry, he has persistently argued that the crypto environment is \u201crife with fraud\u201d and lacks comprehensive investor protections<\/p>\nLimits on authority<\/h2>\n