SEC Chair Gensler finds himself in the eye of a storm. He faces mounting criticism from Republicans and the financial services industry.Over 40 of his rulemaking proposals are under scrutiny, with industry players resorting to legal action.
SEC Chair Gensler finds himself in the eye of a storm. He faces mounting criticism from Republicans and the financial services industry.Over 40 of his rulemaking proposals are under scrutiny, with industry players resorting to legal action.
Despite the criticism, Gensler, backed by a 3-2 majority at the SEC, is likely to continue pushing new rules. There's hope for Democratic support to temper his rulemaking efforts, the industry appears prepared for protracted legal battles.
The Grayscale Bitcoin Trust,which seeks to convert to bitcoin ETF, scored a legal victory by suing the SEC (SEC approved a "similar" product involving bitcoin futures), deeming its actions arbitrary and capricious.The SEC weighing an appeal
During the hearing, Gary Gensler acknowledged that a physical Pokémon card purchased in a retail store does not fall under U.S. securities law. But, when asked for a tokenized card , Gensler said "I Have to know more."
Despite high anticipation, the hearing didn't bring significant clarity to the realms of NFTs, crypto regulation, or ETF approvals. The blockchain-related questioning remained a part of the hearing..
The fundamental question of "what is a security" lingers, seemingly unanswered, raising further questions about the SEC's stance in this ever-evolving landscape.
At least, as a lighthearted aside, we now know that a Pokémon card isn't considered a security under U.S. law!
Catch'em all!