Securities, Exchange Commission Chair To Face US Senate On Plans To Regulate Crypto Trade

WASHINGTON (UrduPoint News / Sputnik - 14th September, 2021) Securities and Exchange Commission (SEC) Chairman Gary Gensler will testify before the US Senate on Tuesday on the regulator's plans to rein in cryptocurrency trading in the United States, the panel conducting the hearing said in a statement.

"The Committee on Banking, Housing, And Urban Affairs will meet in open session, hybrid format to conduct a hearing entitled, 'Oversight of the US Securities and Exchange Commission,'" the committee said. "The witness will be The Honorable Gary Gensler, Chair, US Securities and Exchange Commission."

Gensler, scheduled to testify from 10:00 A.M. ET (14:00 GMT), is expected to speak and field questions on bitcoin, stablecoins and other digital assets.

Gensler, in prepared remarks ahead of the event, said the SEC wanted lawmakers' help to oversee the offer and sales of crypto tokens, crypto trading and lending platforms, stablecoins, investment vehicles providing exposure to digital assets or crypto derivatives, as well as custody of virtual assets.

He said swaths of the crypto market were operating outside of the SEC's regulatory frameworks that shield investors and customers from illicit activity.

Gensler had earlier stated that he viewed cryptocurrencies as the "Wild West" and rife with fraud, scams, and abuse in certain applications. He said the SEC was eager to bulk up existing authorities and, with congressional approval, expand its jurisdiction to help close gaps in policing the cryptocurrency trade.