What a day yesterday was for cryptocurrency at the US. Capital.
The interpretation of it was two-fold. On the one side, Gensler was reported to have continued to be combative and showed a defiant ant-crypto stance. https://www.yahoo.com/finance/news/sec-gensler-throws-more-crypto-212301077.html
On the other side, there was what appeared to be bi-partisan support for cryptocurrency. https://thecryptobasic.com/2023/09/28/here-are-10-crypto-related-remarks-from-sec-chair-in-latest-hearing-us-congressman-reacts/
One of the most remarkable things that I learned from the hearing yesterday was that a sitting US Congressman had called for (on Twitter or X) Gary Gensler to be fired! https://www.ccn.com/news/lawmaker-davidson-wants-sec-gensler-removal/#:~:text=House%20Representative%20Warren%20Davidson%20has,agency's%20approach%20to%20crypto%20regulation
What I did not know was that in June, two US Congressmen introduced the "SEC Stabilization Act." https://emmer.house.gov/2023/6/emmer-davidson-introduce-sec-stabilization-act-to-remove-chair-gary-gensler Among the provisions outlined in the act, was that there can be no more than three (of six) SEC Commissioners (One would be added) from a single political part so the SEC does not become politically one sided, or allow for a one sided political agenda to be carried out by the SEC.
I have been following the SEC and cryptocurrency in the news. I am really encouraged by this. It should also be noted that a month ago in the US Senate, there was bipartisan support for cryptocurrency and some disdain for how the SEC was and is handling cryptocurrency. There is becoming more smoke around what at least to me is the gross abuse of power Chairman Gensler and the SEC are using to limit and outright harm cryptocurrency with no legal oversight. They are losing in the courts, there is public pressure from lawmakers of both parties and in both chambers to stop the SEC and Gensler, and there is bipartisan support that cryptocurrencies are not securities. I mean, if we go by what Gensler is saying, buying a baseball card because it may increase in value would now be a security. PREPOSTEROUS!!
