The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler faced criticism and scrutiny for his inability to answer simple questions related to cryptocurrency regulations during a hearing before the U.S. House of Representatives Committee on Financial Services. The main issue discussed was the term “investment contract” and its significance in determining the SEC’s authority over the crypto industry. Gensler’s vague responses drew criticism and raised concerns about his impartiality as a regulator. Representative Tom Emmer accused Gensler of attacking the crypto industry and favoring large financial institutions over innovation and competition.
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