Last week the House Financial Services Committee released a letter they had sent to SEC Chair Gary Gensler "nicely" informing him about his agency's failures to provide records and responses that the Committee had requested. In fact, the Committee I will say went above and beyond by including in the letter when they had contacted the SEC the response they had received, how they had followed up, and then again how when they reached out to the SEC they were not told when the documentation would arrive. When this letter was released people were quick to comment on it because in it the Chair of the Full Committee and the Chair of the Investigations and Oversight Committee stated they could result in compulsory processes which means a subpoena.
Unlike subpoenas, most people think of one that comes from the Chairman of a Permanent Committee to an Executive Body Agency, which does not go through or deal with the court system. It is a part of the check and balances system in the US and helps prevent the Executive Branch from going beyond its duties. I bring it up because the documents and responses requested are due by 5:00 PM today! When you combine this with the Financial Services Hearing tomorrow over the SEC and Gary Gensler's leadership of it today is a very big deal for what type of hearing we will get tomorrow.
Members on both sides of the aisle are upset with Mr. Gensler for a variety of issues one that they are very united on is the complete failure in the crypto space. Within the requested documents are a variety covering FTX and the ties it had to not only Gary Gensler himself but also the SEC as a whole. After months and months of Gensler saying he didn't have the authority to do what he "needed" to do in the crypto space as if by magic he suddenly believes he has it and now just needs more funding. It is safe to say not a single Republican or Democrat believes him on that as it does not add up in the slightest.
originally posted on r/cryptocurrency
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