Gary Gensler testified before House Financial Committee on September 27
The SEC chair was grilled by the lawmakers on a variety of topics, and he was criticized for evading questions about cryptocurrency and stifling U.S. capital markets with regulations.'s senior lawyer, caught the part where the SEC chair was challenged by Representative Torres over the term"investment contract," which is critical for evaluating the SEC's authority over crypto.
Alderoty praised the dexterity with which the SEC chair was grilled by the lawmaker. He took a jab at the SEC chair, saying he"didn’t know what hit him until it was too late." A day before the testimony, Alderoty expressed expectations regarding the hearing, stating,"The SEC Chair will go to Congress tomorrow and lie by stating that there is such a thing as a crypto asset securities market and tokens themselves are investment contracts."
In his testimony, the SEC chair, as expected, referred to the cryptocurrency market as the"crypto asset securities market." He also reiterated his position that most
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