TL;DR
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SEC Chair Gary Gensler is facing the House Financial Services Committee, tasked with explaining his confusing approach to crypto regulation.
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Both sides of the aisle appear to be losing patience with Gary’s vague rulings.
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There’s a live Twitter feed on the government website where we’re watching the livestream, and it’s a constant flow of posts from congress members, absolutely flaming Gary.
Full Story
If you’re legally/morally obligated to do something that you don’t want to do – what’s the move?
If you’re an 8 year old tasked with cleaning your room – you might work as slowly as possible, in a weird form of protest.
If you’re a 65 year old bureaucrat tasked with making sure certain proponents of the US financial system operate fairly and would like to exercise certain biases against a particular asset classes, without getting in trouble…
You might drag your feet and start some court cases that you’re bound to lose, in order to draw things out…
But eventually, you’re going to have to face the music (and/or the House Financial Services Committee) to give some legitimate reasoning to your behavior.
And that’s exactly what SEC Chair Gary Gensler is doing right now! Seriously, we’re listening to it live as we type this.
The breakdown of the overall sentiment:
For the congress members that are using their time to talk about crypto (and not broader political issues), both sides of the aisle appear to be losing patience with Gary’s vague rulings around crypto.
The threat:
Chairman McHenry says congress will take legal action against the SEC if clarity and fair regulation doesn’t soon come into practice.
The funny part:
There’s sh*t posting happening on the government’s financial services website right now…
There’s this live Twitter/X feed aggregator on the government website where we’re watching the livestream, and it’s just a constant flow of posts from congress members, absolutely flaming Gary.
(See header image).
