U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said he never owned cryptocurrencies or digital assets. April 18th Hearing.
SEC Chairman does not own crypto assets
When asked by Congressman Bryan Steil if he owns digital assets, Gensler said:
“I do not own any crypto assets…[but] All of my holdings are actually digitized as they are held by broker-dealers. “
Gensler has repeatedly denied owning any digital assets. He also mentioned that he has never owned Bitcoin. He further dismissed digital assets as being “highly speculative.”
He later asserted that he had digital bank accounts and brokerage accounts, but “no cryptocurrencies.”
Gensler was also asked if any member of his team or subject matter expert owned a digital wallet or digital asset. Gensler responded that, to the best of his knowledge, and in accordance with ethical rules, these individuals do not own digital assets.
Gensler made these statements in response to Rep. Brian Steil during a hearing before the US House Financial Services Committee.
Concerns have previously been raised about Gensler’s potential bias against certain cryptocurrencies, as he may selectively regulate assets.
However, Gensler’s detachment from the crypto industry could also be a problem. As such, Steil accused his Gensler of being “in the business of creating rules and regulations for digital assets,” and said he does not personally own such assets.
Other legislators also questioned Gensler
Stein was just one of the MPs who criticized Gensler at the hearing. Today’s hearing represents a pushback from Republicans who currently hold the majority in the House.
Rep. Patrick McHenry pressured Gensler to clarify Ethereum’s status as a security. Meanwhile, Rep. Warren Davidson called for legislation to abolish the SEC chairmanship and remove Gensler from the position, as announced on April 17.
Republicans also criticized the SEC’s harsh approach to cryptocurrency regulation. open letterThey said Gensler’s SEC encourages digital asset firms to register, but ultimately does not provide a process for doing so.
While today’s hearing represents opposition from Republican lawmakers, members of the SEC and the crypto industry have filed similar complaints.
According to SEC’s Gary Gensler, the post that he never owned cryptocurrency first appeared on CryptoSlate.
