Senator Patrick Hagerty grilled SEC Chairman Gensler over the agency’s lack of prioritization of a \u201cconstructive industry.\u201d<\/p>\n
U.S. Securities and Exchange Commission Chairman Gary Gensler was put on the spot<\/a> by Senator Bill Hagerty over the SEC\u2019s lack of resources dedicated to the cryptocurrency industry.<\/p>\n Gensler appeared in a Thursday hearing before the Senate Committee on Appropriations.<\/p>\n \u201cYou\u2019re not prioritizing staff or resources for areas that desperately need it,\u201d said Hagerty, the Republican Senator representing Tennessee, pointing to the crypto industry. \u201cThis is an innovative and constructive industry that is getting pushed offshore,\u201d he added.<\/p>\n Hagerty continued to reprimand Gensler \u2013 who has led the SEC with a clear anti-crypto agenda \u2013 and pointed to other jurisdictions that are crafting sensible regulatory frameworks for cryptocurrency companies. He was likely referring to MiCA in Europe<\/a>, Hong Kong, and other regions that have been notably crypto-friendly.<\/p>\n \u201cOther jurisdictions in other countries are setting up rules for their ecosystems,\u201d the Senator said, adding that what happens in the U.S. with the SEC and the CFTC is constant roadblocks and a lack of certainty. \u201cI don\u2019t think that\u2019s the result we want for America.\u201d<\/p>\n Instead of responding directly to Hagerty\u2019s allegations, Gensler focused on the agency\u2019s work with spot Ethereum ETFs, which were approved on May 23.<\/p>\n Gensler claimed that the instrument has already been approved, and the process with individual firms vying to offer it is \u201crunning smoothly,\u201d but what\u2019s pending is individual issuers disclosing and updating their registrations.<\/p>\n According to the SEC chairman, final approval should be granted by the end of summer<\/a> in the Northern Hemisphere.<\/p>\n Although the SEC has been adamantly aggressive against players in the space, the tides are turning.<\/p>\n The de facto Anti-Crypto<\/a> Army led by Senator Elizabeth Warren and the executive branch of the United States have shifted their staunch opposition to crypto into a stance of weary acceptance. The White House recently said it will not veto a recent crypto bill, in what constitutes a major win<\/a> for the industry.<\/p>\n On the other side of the aisle, and the apparent trigger for a change in heart from Democrats, is Donald Trump\u2019s pivot<\/a>. The leading Republican presidential nominee has been increasingly favoring the crypto industry, claiming he would pardon Silk Road creator Ross Ulbricht and calling for all remaining bitcoin to be mined<\/a> in the United States.<\/p>\n The industry, however, waits with bated breath to discover whether these are simply campaign promises or will actually come to fruition.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Senator Patrick Hagerty grilled SEC Chairman Gensler over the agency’s lack of prioritization of a \u201cconstructive industry.\u201d U.S. Securities and Exchange Commission Chairman Gary Gensler was put on the spot by Senator Bill Hagerty over the SEC\u2019s lack of resources dedicated to the cryptocurrency industry. Gensler appeared in a Thursday hearing before the Senate Committee […]<\/p>\n","protected":false},"author":2,"featured_media":322981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-322976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=322976"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322976\/revisions"}],"predecessor-version":[{"id":322982,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322976\/revisions\/322982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/322981"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=322976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=322976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=322976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Gensler on the Ethereum ETF<\/h2>\n
Crypto Is Becoming Increasingly Accepted In The U.S.<\/h2>\n