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Gary Gensler Roasted by Republicans for Abuse; Democrats Say They Approve of His Work

A chorus of Republican lawmakers sang out against SEC Chair Gary Gensler on Tuesday, roasting the official’s approach to regulating the digital assets industry in a letter of condemnation.

The letter landed just ahead of Gensler’s testimony before the House Financial Services Committee, centered on oversight of the Securities and Exchange Commission, and just after the agency boss celebrated his second full year at the Commission’s helm.

“You have failed to provide a path that allows digital asset trading platforms to register,” the lawmakers wrote. “Without clear rules of the road, your push for firms to ‘come in and register’ is a willful misrepresentation of the SEC’s non-existent registration process. The only entity to blame for the lack of registrants is the SEC itself.”

Commemorating the milestone in a Twitter post yesterday, Gensler highlighted the agency’s 1,500 enforcement actions filed over the past two years, which he said involve actions against “rampant noncompliance in the crypto markets.”

Republicans Introduce Bill To Fire Gary Gensler

Prior to the hearing, Davidson stated his intention to introduce the legislation in a tweet. Subsequently, he stated that the development was to “correct a long series of abuses,” by Gensler as Chairman. Additionally, the legislation calls for a complete replacement of the role of chairman with an Executive Director position. Operating in direct relation with the board and barring former SEC chairs from being considered for the role.

The Public Is At Greatest Risk With CBDC's

Unfortunately, it seems governments recognize that CBDCs are one of the best tools for solidifying their control over money and payments. It was only just recently that a former adviser to President Biden testified before Congress that a CBDC would be the “single best step” to crowd out cryptocurrencies.

European Central Bank President Christine Lagarde even said that if central banks do not push forward with CBDCs amidst the rise of cryptocurrencies then they risk losing their control over money and payments. The Central Bank of Indonesia has said much of the same.

Featured Podcast/Youtube Short

Knight Show, hosted by JoshuaJake, BlockchainBoy, and Samuel Armes, starts off by discussing the disaster that was Elon Musk's recent BBC interview and the chaos that ensued on Twitter. They then move on to some exciting news with Twitter integrating payments, followed by a lively debate on the topic of inflation, recession, and whether we're headed for a soft landing.

Analytical Data

🥇 Bitcoin has never made a new low after the Monthly RSI crossed 50.

"Just like CPI and PPI, trade prices make clear growing disinflation and move toward outright deflation had nothing to do w/Fed rate hikes. They obviously have nothing to do w/unemployment rate, either."

"This is why OPEC gets away with production cuts. US producers won't change output no matter what happens to oil prices, to demand, to foreign supply. It's total politics, not economics. How was the Fed going to fix this with rate hikes? Now they won't need to."

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