CandleFocus Gensler says DEBT Box case ‘not well handled’ by SEC
2024-09-24
Author: Content Editor
During a hearing on Capitol Hill, members of Congress questioned the Securities and Exchange Commission (SEC) commissioners, particularly targeting SEC Chair Gary Gensler. Congressman Tom Emmer questioned Gensler about the DEBT Box case, which resulted in sanctions against the SEC for "bad faith conduct" and an "abuse of power." Emmer also criticized Gensler for his handling of the case and mentioned that two SEC lawyers left the agency after the sanctions. Gensler clarified that the lawyers left for another job. Emmer further rebuked Gensler for using the term "crypto asset securities" without providing any interpretive guidance. Congressman Ritchie Torres also questioned Gensler, comparing Yankees tickets to NFTs and expressing concern about the SEC's definition of investment contracts. Congresswoman Erin Houchin asked Commissioner Hester Peirce about the SEC's regulatory approach to crypto, with Peirce suggesting that the SEC should focus on creating rules rather than relying solely on enforcement actions.
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