U.S. House Committee Chairs and Blockchain Association Increase Pressure on SEC Chair Gensler

In a letter addressed to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, three committee chairs in the United States House of Representatives expressed their dissatisfaction with the response received regarding recordkeeping requirements. The chairs of the Judiciary Committee, Oversight Committee, and Financial Services Committee, namely Jim Jordan, James Comer, and Patrick McHenry, highlighted that Gensler’s response did not adequately address their specific inquiries.

The committee chairs originally raised concerns about the SEC’s compliance with federal recordkeeping and transparency rules, as well as the use of private email accounts and “off-channel communications” by Gensler and his subordinates. These concerns were prompted by a Wall Street Journal report, which accused the SEC and other agencies of inadequate recordkeeping practices.

In their latest letter, the committee chairs reiterated their initial requests and called for a clear explanation if the SEC does not intend to comply. They also pointed out inconsistencies in Gensler’s publicly accessible meeting schedules in 2021, emphasizing the need for transparency and accountability.

On a separate note, the Blockchain Association released a paper urging Gensler to recuse himself from digital asset enforcement decisions. The paper argued that the SEC has neglected its role as a rulemaking body in the digital asset space and criticized Gensler’s stance that most digital assets, except Bitcoin, are unregistered securities. The paper contended that Gensler’s biased views could undermine due process and called for recipients of Wells notices to seek his recusal through appropriate channels.

Both developments highlight growing concerns regarding the SEC’s regulatory approach and the need for greater clarity, transparency, and impartiality in decision-making related to digital assets.

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