US House Committee Grills SEC Chair Gary Gensler Over Crypto, Dubbed 'Tonya Harding of Regulation'
In a congressional hearing on September 27, the chair of the United States Securities and Exchange Commission (SEC) Gary Gensler, faced a barrage of questions and criticisms regarding the oversight of crypto markets.
Colorful analogies and sharp rebukes at the hearing shed light on the contentious relationship between regulators and the crypto industry.
United States Representative Andy Barr led the charge with a memorable comparison, dubbing Gensler the "Tonya Harding of securities regulations."
Barr accused Gensler of burdening the U.S. capital markets with excessive regulatory red tape, referencing Gensler's previous assertion that the U.S. capital market should not rest on its laurels and should keep evolving.
Barr's analogy drew a connection to the infamous Tonya Harding-Nancy Kerrigan scandal, where Harding was involved in an attack on her figure skating rival.
Another member of the House, Representative Warren Davidson, didn't mince words, expressing his hope that the Biden administration would dismiss Gensler from his position.
He accused Gensler of advancing a "woke" political and social agenda and abusing his role as SEC Chair. Davidson suggested that the SEC Stabilization Act, introduced by him and Representative Tom Emmer, could facilitate Gensler's removal.
During the hearing, Gensler was also questioned about the regulatory status of Bitcoin.
In response to the U.S. House Committee on Financial Services Chair Patrick McHenry's query, Gensler indicated that Bitcoin did not meet the criteria established by the Howey Test, implying that it is not considered a security.
However, when McHenry suggested Bitcoin might be a commodity, Gensler declined to provide a definitive answer, citing that the determination of
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