This past week, #SEC Chair Gary Gensler testified before Congress on cryptocurrency policy. The hearing was contentious, with both sides raising strong arguments and concerns.
Read on for a breakdown of the arguments and issues raised by both sides, a thread 🧵:
Read on for a breakdown of the arguments and issues raised by both sides, a thread 🧵:
1/ Congressional Republicans criticized Gensler's approach to cryptocurrency regulation, calling it overbearing and stifling innovation.
They expressed concerns that Gensler's policies could harm small businesses and investors.📉
They expressed concerns that Gensler's policies could harm small businesses and investors.📉
2/ During the hearing, Gensler declined to say whether Ether / $ETH is a security. 📜
This is a major issue for the cryptocurrency industry, as it could have significant implications for how the asset is regulated.
This is a major issue for the cryptocurrency industry, as it could have significant implications for how the asset is regulated.
3/ Gensler also faced questions on Bitcoin / $BTC and other #cryptocurrencies. He emphasized the need for investor protection and argued that the #SEC should have a role in regulating the broader market.👨⚖️
4/ Some lawmakers pressed Gensler on the SEC's approach to #DeFi and other emerging areas of the cryptocurrency market.
Gensler responded by saying that the #SEC is exploring these issues and considering how to regulate them.🔎
(Source: @YahooFinance )
Gensler responded by saying that the #SEC is exploring these issues and considering how to regulate them.🔎
(Source: @YahooFinance )
5/ Despite the contentious nature of the hearing, some industry experts believe that Gensler's approach to crypto regulation could ultimately benefit the market. 📈
They argue that clearer guidelines could increase investor confidence and reduce fraud.
(Source: @DefiLlama )
They argue that clearer guidelines could increase investor confidence and reduce fraud.
(Source: @DefiLlama )
6/ Earlier this month, an #SEC advisory group backed Gensler's cryptocurrency efforts but asked for more guidance for the industry.
The group also recommended that the SEC consider creating a dedicated #Crypto regulatory division.👨💼
The group also recommended that the SEC consider creating a dedicated #Crypto regulatory division.👨💼
7/ Some lawmakers have expressed frustration with Gensler's approach to cryptocurrency regulation.
Rep. @WarrenDavidson has even said that he plans to introduce legislation to fire Gensler from his position as #SEC Chair. ⛔️
Rep. @WarrenDavidson has even said that he plans to introduce legislation to fire Gensler from his position as #SEC Chair. ⛔️
8/ As the cryptocurrency market continues to evolve, it's clear that regulation will play a significant role in its future. 📚
The outcome of the SEC's approach to regulating the market will have major implications for investors, businesses, and the industry as a whole.⚖️
The outcome of the SEC's approach to regulating the market will have major implications for investors, businesses, and the industry as a whole.⚖️
9/ We will continue to monitor the cryptocurrency regulatory landscape and provide updates as fit.
Please feel free to continue the discussion in the replies below!👇
Follow us at @theBroDAO for more content!
Thread by @DeFiWalt_ 🧪
Please feel free to continue the discussion in the replies below!👇
Follow us at @theBroDAO for more content!
Thread by @DeFiWalt_ 🧪
• • •
Missing some Tweet in this thread? You can try to
force a refresh
