The United States House Financial Services Committee (FSC), a Committee within the U.S. Congress, has announced a hearing scheduled for Tuesday, Oct. 24. The is to review the “U.S. SEC’s agenda and its unintended consequences on capital markets and investors.”
At the time of writing, the House Financial Services Committee has yet to provide a memo on the hearing or a list of witnesses.
The Committee Chairman has broadly expressed dissatisfaction with the SEC’s approach to regulating the digital assets industry. Specifically, Chairman Patrick McHenry has called out the SEC for failing to comply with congressional oversight by overreaching to regulate an industry that Congress has not granted the agency power to oversee.
Over the past year, the SEC has brought enforcement actions against mainstay crypto companies such as Ripple, Coinbase, Binance, and Kraken. The House Committee perceives these actions as an overreach and hopes to curtail the SEC’s efforts which have largely impeded the growth of digital assets in the U.S.
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