SEC Chief Gensler Faces Crypto Controversies, Lawsuits, and Impartiality Concerns

SEC Chair Gary Gensler maintained his critical stance on the cryptocurrency industry during a congressional hearing, highlighting concerns about the management of customer assets by digital asset companies. Gensler did not provide clarity on the SEC's plans regarding spot bitcoin exchange-traded funds (ETFs) following a recent court ruling. The hearing also touched on non-crypto issues, such as a potential government shutdown and the SEC's focus on climate and other matters. The hearing revealed a partisan divide, with Democrats supporting Gensler and Republicans accusing him of harming consumers and small businesses. Gensler also confirmed that bitcoin is not considered a security. The potential government shutdown may slow down the SEC's operations, affecting the review and approval of filings.