Securities and Exchange Commission Chair Gary Gensler took some heat from lawmakers over the agency’s approach to regulating cryptocurrency.
Gensler fielded questions on Wednesday during a House committee hearing about whether the agency would greenlight spot bitcoin exchange-traded funds, whether bitcoin is a security and even whether a Pokemon card could be considered a security.
1946 U.S. Supreme Court case and is now used to help determine whether transactions are investment contracts and thus subject to securities laws.McHenry also appeared to threaten the SEC chair with a subpoena at the beginning of Wednesday’s hearing, accusing Gensler of not being transparent to Congress regarding his interactions with bankrupt crypto exchange FTX and its former CEO Sam Bankman-Fried.
Rep Maxine Waters, D-Calif., backed Gensler up in her opening remarks, while highlighting concerns over what impact a looming government shutdown could have on the agency.
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