Gary Gensler will appear before the lower chamber of Congress to explain to congressmen the regulator’s position on the bill’s provisions regarding digital asset registration principles for crypto exchanges.
The outcome of the dialogue with lawmakers, along with the upcoming SEC verdict on the lawsuit against Ripple, could have significant legal implications that could affect the future of the US cryptocurrency market.
Parliamentarians intend to give the green light to digital securities, commodities and stabelcoins for trading. The SEC head’s opinion may provide the congressmen with the necessary arguments to justify a legislative explanation of the differences between a crypto security and a commodity.
The debate over the bill comes amid a growing escalation of
proceedings between the SEC and major cryptocurrency exchanges Coinbase and Binance. In its lawsuit, the SEC accuses cryptocurrency platforms of violating the Securities Act.