The US Security and Exchange Commission (SEC) Chair, Gray Gensler, has continued slamming crypto companies and criticizing the crypto space in Wednesday’s congressional hearing.
Gensler again took crypto companies on board, saying that commingling crypto assets has not led to good results. He argued that digital asset companies have been roughly irresponsible with their customer’s assets.
The SEC chair emphasized that his agency has still not decided further-going on the ruling from the DC Circuit Court’s Judge that told the agency to rethink their position on Bitcoin ETF applications.
In August, Judge Neomi Rao approved Grayscale’s GBTC ETF listing while ordering the SEC to review their stance.
While noting the SEC’s several dissensions to courts, panel chairman Patrick McHenry condemned the agency’s unfavorable actions against digital assets. He said that all these facades are causing confusion and severe damage to the industry. Furthermore, the congressman confirmed from Gensler that “Bitcoin is not a security.”
However, Gensler declined to answer a question about the Ripple case, in which the SEC accused Ripple of breaking securities law by selling XRP while a judge ruled that the company had not violated any law.
Several high profile lawsuits have been filed by the SEC against leading crypto companies, including Binance, Coinbase, Grayscale, Ripple, and numerous others.
Also read: Emmer Alleges SEC’s Gensler Favors Banks
