House Committee on Financial Services Explores Need for SEC Reform Amid Concerns Over Gensler’s Leadership

cryptonews.com:

United States Securities and Exchange Commission (SEC) Chair Gary Gensler is facing increased scrutiny over his handling of the federal agency following a Monday hearing held by the U.S. House Committee on Financial Services (HCFS). The committee delved into potential SEC reform, exploring concerns about the agency’s recent actions.

According to the committee’s memorandum, Gensler’s direction has sparked “significant concerns” amongst its members, citing the commission’s “rapid push to propose and finalize numerous new rules” and insufficient comment periods that would otherwise allow stakeholders to provide impactful feedback on proposed rules in connection with the Administrative Procedures Act.

HCFS Vice Chairman Representative French Hill (R-LA) chastised the commission’s regulation-by-enforcement approach, emphasizing its negative financial implications for the American people and the urgent need for SEC reform.

“As a result of that gross abuse of power, the commission is required to pay the legal fees – which means that our constituents’ tax dollars are now being used to pay for the SEC’s overreach and failure,” Hill stated.

“Whether it’s refusing to comply with the Administrative Procedures Act or not, or providing clear rules of the road for the digital asset ecosystem, it’s clear that the SEC under Gary Gensler blatantly and repeatedly oversteps its statutory authority,” He added.

Hill’s statement underscores the urgent need for SEC reform to address these issues and ensure the agency operates within its legal boundaries.

Whether it's "Debtbox" or "DropBox", @GaryGensler and the @SECGov is blatantly and repeatedly overstepping their statutory authority — and your tax dollars are paying for their failures in