📣 SEC Chief Blasts Cryptocurrencies at Senate Hearing

The SEC chairman offered harsh words for cryptocurrencies during a Senate hearing on Tuesday. At the session with the Senate Banking Committee, Chairman Gary Gensler defended his stringent stance on crypto assets and hastened decision-making process. Republican senators criticized him for introducing new securities rules without public discussion or independent analysis.

Despite repeated questions about digital assets, Gensler declined to clarify his plans regarding several Bitcoin ETF applications currently under review. He labeled the cryptocurrency market as unregulated and “rife  for fraud."

The SEC head reiterated that the commission still considers most cryptocurrencies under its jurisdiction. He indicated the SEC's position and actions aim to safeguard investors.