The SEC Chair Gary Gensler remained unbowed after a contentious House hearing Tuesday over the agency’s oversight of cryptocurrency markets.

Gensler argued investor protections in crypto markets are as warranted as in traditional securities markets. He blamed the industry's “wide-ranging noncompliance” with securities laws as the driver of the SEC’s steady drumbeat of enforcement actions against crypto firms.

When pressed directly whether Bitcoin is a security, Gensler stated it does not meet the investment contract test. But he conspicuously avoided definitively labeling it a commodity.

The wide-ranging proceedings also covered emerging technologies like predictive analytics and AI. Gensler touted their potential benefits while warning unchecked conflicts of interest could lead firms to prioritize their interests over clients’ interests. He referenced the SEC’s July proposal to mandate mitigation of such biases.

Crypto-friendly lawmakers unleashed fierce criticism of Gensler’s leadership during the hearing. Rep. Andy Barr likened him to notorious figure skater Tonya Harding for “kneecapping” U.S. capital markets with overzealous regulation. Meanwhile, Rep. Warren Davidson said he hoped Biden would fire Gensler for imposing a “woke” political agenda at the SEC.

Rep. Ritchie Torres challenged Gensler with hypotheticals about whether purchasing Pokemon cards constitutes a securities transaction. Gensler’s evasive responses reinforced his reputation for caginess before Congress.

Despite the barrage of criticism, Gensler gave no indication of easing his strict stance that digital assets must comply with securities laws. With bipartisan bills mounting to curb the SEC’s power, regulatory uncertainty persists in crypto markets. For now, the agency shows no signs of backing down from robust oversight of cryptocurrencies.