The House Committee on Financial Services is holding a hearing tomorrow at 10am ET entitled "Oversight of the Securities and Exchange Commission", where SEC Chairman Gary Gensler will be the only witness.
I will livetoot it (with the tag #SEChearing for anyone who wants to mute). A little more background... 🧵
https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408689
Various Congresspeople — notably the very pro-crypto Rep. Tom Emmer (House Majority Whip, R-MN) — have been slamming Gensler, blaming him for crypto failures including the FTX collapse. Emmer has gone so far as to accuse Gensler of "helping SBF and FTX work on legal loopholes".
Worth noting: Emmer is a member of the "blockchain eight" who in March 2022 (pre-FTX collapse) sent a letter to the SEC to pressure them to back off on crypto investigations.
https://prospect.org/power/eight-congressmen-subverting-secs-crypto-investigation/
Emmer also benefited substantially from the cash Sam Bankman-Fried, FTX, and various proxies were slinging around.
https://prospect.org/power/congressmembers-tried-to-stop-secs-inquiry-into-ftx/
Ahead of the hearing, Gensler has reiterated his view that the SEC has already provided plenty of regulatory clarity, but that the industry just doesn't *like* it.
@molly0xfff But compliance would require them to *change*, and they don’t want to do that!
They’re kind of like a shitty boyfriend who wants to be forgiven, but without doing any work to fix anything.
Molly White
Dr. Fancypants, Esq.