Gary Gensler, while avoiding answers on bitcoin ETFs, argues in testimony that crypto firms dangerously mix assets in a way outlawed in other corners of the financial system.
The chief of the U.S. securities watchdog fired another public broadside at industry practices, even as his agency is embroiled in court battles with crypto firms.
“It’s still an active consideration of the commission,” Gensler said in his testimony."We have great respect for the courts." Rep. Patrick McHenry , the panel’s chairman, noted the SEC’s “losing streak with the courts” and criticized its “crusade against the digital assets ecosystem” that the congressman argued is causing confusion and “lasting damage” in the industry.
"Senior leadership would be there, but we'd be down to a skeletal staff," he said, suggesting that the day-to-day reviews and approvals of SEC filings will be significantly slowed.
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