During his congressional testimony on Wednesday, Gary Gensler, the U.S. Securities and Exchange Commission (SEC) chairman, persisted in his criticism of the cryptocurrency industry.
Despite partisan divisions and ongoing legal battles, Gensler did not disclose the SEC’s next moves regarding spot bitcoin exchange-traded funds (ETFs) following a recent legal setback.
Gensler Accuses Crypto Companies
Chair Gary Gensler continued his combative stance against what he called crypto “hucksters.” During his remarks before the House Financial Services Committee, Gensler accused digital assets companies of being reckless with customer assets, particularly in the commingling of funds, which he described as a recipe for disaster.
Gensler also touched on the recent court ruling that sent the SEC back to reconsider its stance on spot Bitcoin ETFs. In August, a D.C. Circuit Court of Appeals judge urged the SEC to reevaluate its decision in the Grayscale Investments case, stating that the agency
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