It takes a special kind of stupid to do what Gary Gensler has done and appears to currently continues to do. Why do I mention this? Well because the Chairman of the House Financial Services Committee Patrick McHenry has taken to X to announce the following statement:
As Chairman McHenry notes the SEC has already recently been sanctioned by a judge for lying to the court making, if these accusations are true, a culture of disregard for the law permeating from the SEC. It was in 2018 that while teaching at MIT he discussed how ETH was not a security only to start to change his mind it seems once he became the head of the SEC. Besides the BINANCE settlement, the SEC has spent years and millions of dollars on going after crypto companies with Ripple being the shining example of their complete failure and incompetence.
You would really think Gensler would have learned and at a minimum refocused his agency on things that mattered but instead, he has doubled down going after crypto. As someone with only a single win and numerous embarrassing losses, it leads you to wonder how competent he is to be in charge of this regulatory body.
The House Financial Services Committee will likely drag him back up to testify in front of everyone but the SEC will likely try to fight this. Luckily Chairman McHenry has unilateral subpoena power so he can force him to or move to hold him in contempt. This would likely result in the SEC and Committee coming to some sort of agreement for the SEC to turn over a bunch of internal documents that will tell Congress if Gensler did lie and if so impeach and remove him for doing so.
I was a little concerned that Gensler was going to stay and serve his whole term but with the SEC looking like it can't follow the laws and is willing to lie to Congress that might not be the case. Much to Gary's dismay it is also extremely likely that crypto, and not just the stablecoin legislation, will move to the forefront again in the House and likely the Senate. Neither party nor chamber of Congress is going to want to look like they were okay with someone from a regulatory body lying to them, especially during an election year.
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