Gensler Faces Congressional Scrutiny Over Crypto Regulations

Republican lawmakers criticized SEC Chairman Gary Gensler's approach to regulating the crypto industry, accusing him of pushing American firms into the hands of the Chinese Communist Party. Gensler defended his actions, stating that the SEC could use more resources to regulate the fast-moving digital asset industry. The SEC has recently targeted major US crypto brands, alleging that most coins and tokens fall under the securities definition, but many claim that the body is overstepping its authority.