Congress has been closely monitoring the U.S. Securities and Exchange Commission’s (SEC) chair Gary Gensler for its approach to the digital asset sector. The year has seen the collapse of major crypto exchanges, lending firms, and tokens.
SEC chair misses major collapse
Tom Emmer, United States Representative, stated that they are more concerned about the SEC chair strategy in order to bring things into line.
Representatives were concerned about Gensler’s “indiscriminate” and inconsistent approach to the crypto community in March 2022, according to Congressman. The digital asset market has been hit hard by the collapses of Celsius, Voyager and Terra Luna, as well as the FTX crash.
The SEC Chair’s fabricated regulations have been widely ignored. The total crypto market cap, which reached its record high of nearly $3 trillion in November 2021, now stands at $840 Billion. The market has lost more than $2 trillion.
The Terra LUNA market crash was a wake-up call for the SEC to make clear and tough regulations. The SEC chair has yet to do this. The result was that the crypto community experienced another major crash in 2022.
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The crypto market has suffered a greater impact from the collapse of the FTX cryptocurrency exchange. It has also created uncertainty among investors.
Gary Gensler will testify publicly
Tom Emmer stated that Congress does not rely on planted stories in progressive publications to get details about the SEC’s oversight agenda. They look forward to Gary Gensler’s public testimony before Financial Services GOP.

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Experts have suggested that SBF might be able to escape the crisis he created by the SEC and other watchdog organizations. SBF is accused of having donated money to members while lobbying the Digital Commodity Consumer Protection Act, (DCCPA).

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