Tomorrow, SEC Chairman Gary Gensler is set to stand before the Senate Banking Committee in a highly anticipated session aptly titled “Oversight of the US Securities and Exchange Commission”. As the SEC continues its scrutinizing eye on Bitcoin and other cryptocurrencies, the world of crypto investors will be watching closely.
Despite Bitcoin currently defending its $25,000 position, tomorrow’s session is causing a buzz in the financial sector. It’s expected that the discussions will focus heavily on the SEC’s position and overall strategy concerning cryptocurrencies, including key decisions arising from the XRP and Grayscale cases.
Beyond the state of cryptocurrencies, Chairman Gensler will likely face questions regarding Bitcoin spot ETF applications. Some of these being presented by financial powerhouses the likes of Blackrock, Ark Invest, Fidelity, and Bitwise. The question on everyone’s mind, of course, is whether these applications will be approved or not.
However, the Chairman’s work is far from over. On September 27, 2023, he’ll also testify before the House of Representatives Financial Services Committee. Known for his skepticism towards Bitcoin and cryptocurrencies, Gensler believes that most cryptocurrencies should be viewed as securities and therefore, must be registered with the SEC.