Gary Gensler receives strong warning from U.S. Congress
Gary Gensler receives strong warning from U.S. Congress
The U.S. House of Representatives Committee on Oversight and Accountability has demanded that Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), cooperate with an investigation into the SEC's actions.
The Committee warned Gensler that he could face a century of disciplinary action if he fails to do so. The letter states, "If you do not begin cooperating with the Committee's oversight, the Committee has no choice but to consider the use of the compulsory process."
The warning stems from Gary Gensler's failure to provide the Committee with key information. Oversight and Accountability Committee Chairman James Comer sent Gensler a letter stating that his full cooperation was required.
Gensler had failed to disclose the contents of key documents. Comer wrote: "I expect nothing less than full cooperation with our inquiry, which begins with the SEC providing documents actually responsive to our requests."
The documents requested by the committee reportedly relate to the SEC's involvement in the development of the European Union's social engineering initiatives. Allegedly, the SEC's intentions are cloaked under the EU's Disclosure and Due Diligence Directives.
The Oversight Committee accuses Gary Gensler of neglecting his responsibility to cooperate with Congress and its committees. "As the SEC Chair, you have obstructed and continue to obstruct congressional oversight."
The Oversight and Accountability Committee warned that it has been waiting for the SEC's cooperation for nearly four months, but Gensler has continually delayed the review.
Previously, the crypto community and some lawmakers have alleged misconduct by Gary Gensler and his unwavering stance on prosecuting the crypto industry.
Recall that Gensler believes that all cryptocurrencies should be classified as securities, and even after the court ruling, he reiterated in his recent statements that cryptocurrencies should be subject to securities laws.
Further reading: New details of the SEC's case against Binance.
