In a tense atmosphere ahead of the Financial Services Committee’s crypto oversight hearing, SEC Chairman Gary Gensler faced pointed questions from FOX Business Capitol Hill Producer Chase Williams. The questions pointed to his uncertain future if former President Donald Trump wins the 2024 elections. However, Gensler chose to ignore these bombshell questions.
Gary Gensler Dodges Questions on Uncertain Future
Williams queried, “Gensler, do you plan to stay on if President Trump is elected chairman? A lot of Kamala Harris donors want you to step down if she wins, sir; do you plan to stay on if President Trump wins reelection? If you don’t plan to stay on, what is your next plan?” Gensler opted to ignore the inquiry, walking away and entering the room for the crypto oversight hearing.
For further context, Trump had previously declared that he would “fire Gary Gensler” on day 1 of entering the White House. Also, VP Kamala Harris is in talks regarding a “crypto reset” so she might also not back the anti-crypto SEC Chair if elected. Hence, Gensler’s fate hangs in balance.
My colleague @ChaseWilliams_ had some tough questions for @GaryGensler ahead of yesterday’s @FinancialCmte/@FSCDems hearing.
Gensler’s flack Scott Schneider wasn’t too pleased. pic.twitter.com/bdU32uMU6D
— Eleanor Terrett (@EleanorTerrett) September 25, 2024
Moreover, during the hearing, tensions escalated as Commissioner Mark Uyeda weighed in on the SEC’s current standing under Gensler’s leadership. Responding to Representative Mike Lawler’s question about whether the SEC remains the “gold standard” among regulators, Uyeda stated, “Our condition today in rule-making… is below the average.”
However, currently, there is “some internal friction post-hearing” within the agency, as noted by FOX journalist Eleanor Terrett. Such discord raises questions about Gensler’s leadership style and whether he is abusing his authority.
NFT vs. Securities Debacle
Rep. Ritchie Torres scrutinized Gensler’s rationale for classifying NFTs as securities. He drew a controversial comparison between NFTs and a New York Yankees ticket. “I see no legal difference between a Yankee ticket that offers access to a Yankee game and an NFT that offers access to an animated web series,” Torres remarked.
Despite the pushback, Gensler doubled down in his classification of NFTs as securities, even as the agency did not apply the same standard to physical art. Furthermore, Commissioner Hester Peirce condemned Gensler’s stance, asserting that crypto and NFTs are not securities.
Also Read: SEC Chair Gary Gensler Dodges Token vs. Securities Debate, McHenry Fumes
Source: https://www.cryptonewsz.com/gary-gensler-ignores-questions-trump-wins/