{"id":163478,"date":"2023-09-27T06:16:44","date_gmt":"2023-09-27T00:46:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/sec-chair-avoiding-xrp-lawsuit-questions-crypto-news\/"},"modified":"2023-09-27T06:16:45","modified_gmt":"2023-09-27T00:46:45","slug":"sec-chair-avoiding-xrp-lawsuit-questions-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-chair-avoiding-xrp-lawsuit-questions-crypto-news\/","title":{"rendered":"SEC Chair Avoiding XRP Lawsuit Questions – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Ahead of the U.S. House of Representatives Committee on Financial Services hearing on September 27, 2023, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler appears likely to repeat stance he took during the recent hearing before the Senate Committee on Banking, Housing, and Urban Affairs.<\/p>\n

Also Read: Bloomberg Analyst Reveals One Absent Piece in Franklin\u2019s Bitcoin ETF Race<\/strong><\/a><\/p>\n

<\/p>\n

Gary Gensler Hearing: What To Expect<\/h2>\n

On September 12, 2023, CoinGape reported<\/a> Gensler\u2019s statement that crypto industry is rife with fraud, abuse, and misconduct. Similarly, he repeated<\/a> the statement in his latest\u00a0testimony submitted before the House Committee on Financial Services. The hearing is titled \u2018Oversight of the Securities and Exchange Commission\u2019 and will be livestreamed<\/a> at September 27, 2023 at 10 AM eastern standard time. Extending the US SEC\u2019s widely criticized stance on crypto regulation, Gensler had in the testimony stated, \u201cMost crypto tokens are subject to the securities laws.\u201d<\/p>\n

Further, he gave a prior notice of silence on ongoing litigations like the XRP lawsuit and the Grayscale spot ETF conversion ruling. When asked about the SEC\u2019s actions so far on the approval of spot Bitcoin exchange-traded funds (ETFs), Gensler said it was work in progress with the agency officials.<\/p>\n

\n

\u201cWhile I\u2019m happy to discuss the SEC\u2019s work, I will not be able to comment on any active, ongoing litigation.\u201d<\/p>\n

<\/p>\n<\/blockquote>\n

<\/p>\n

In a memorandum to the Committee from the Republicans mentioned<\/a> the SEC\u2019s past actions like the definition of crypto trading platforms and companies running crypto custodial activities. Hence, questions are likely to come up on these lines.<\/p>\n

Timeline For Crypto Regulatory Framework<\/h2>\n

In the context of the recent legislative actions to implement laws around crypto industry, the members of House Committee may likely grill the SEC Chair on specifics about timeline based framing of the United States crypto regulatory framework. In a latest development, a bipartisan coalition of lawmakers has urged<\/a> Gensler to speed up the spot ETF approval process in the context of the recent court filings like the Grayscale verdict that granted motion to convert the company\u2019s Bitcoin Trust into a spot Bitcoin ETF.<\/p>\n

Also Read: SBF Trial: Judge Grants Permission to Question Political Donations<\/strong><\/a><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n