For several months, the SEC has been under fire for its actions. It was unsuccessful in preventing the FTX from collapsing and saving investors millions of dollars. It has a long-running lawsuit against Ripple and a recently concluded lawsuit against LBRY.
U.S. Securities Exchange Commission (SEC) Chairman Gary Gensler has been criticized by Minnesota Senator Tom Emmer for his flawed “crypto information-gathering efforts,” and he has been instructed to testify before Congress to explain the cost of his “regulatory failures.” Emmer stated that “we now know Gensler’s crypto information-gathering efforts were ineffective,” citing the demise of the Terra ecosystem as well as the crypto platforms Celsius, Voyager, and FTX.
Is the SEC running without Congress’ authorization?
According to Eleanor Terrett, a Fox Business Journalist, the US SEC will face significant scrutiny from Congress in the coming months. According to the US Financial Services Committee, the commission has not been reauthorized since 2015.
During the Reauthorisation process, Congress is required to…