Gary Gensler, chair of the Securities and Exchange Commission, is under fire for his staff hiring choices at the regulatory agency.
Republican lawmakers have
opened
an investigation into hiring decisions at the U.S. SEC under chair Gary Gensler, following accusations that political leanings impacted recruitment.
A letter signed by Republican lawmakers Patrick McHenry, James Comer, and Jim Jordan stated that the Committees on Judiciary, Financial Services, and Oversight and Accountability had begun the inquiry under the Civil Service Reform Act of 1978.
The trio of U.S. Representatives requested documents relating to SEC applicant consideration, employment, termination, and staff transfers. According to the letter, the SEC has until 5 p.m. ET on Sept. 24 to comply.
Top GOP lawmakers investigate Gensler’s hiring at SEC | Source: X
SEC under heat as crypto fine skyrocket
The document signaled another blow against Gensler during his time as SEC chair. Digital asset industry stakeholders and pro-crypto legislators have also accused Gensler of ambiguous practices.
According to the web3 community, Gensler and the SEC have adopted an enforcement-first approach to regulation. Some have even argued that the agency lacks constitutional authority to oversee crypto. Eric Turner, Ryan Selkis’ successor at Messari, criticized the regulator over its $1.5 million
settlement
with eToro.
Crypto regulations have become a recurring focus in Washington and U.S. jurisdictions. A bipartisan bill known as the Financial Innovation and Technology for the 21st Century Act was passed in the House of Representatives, despite
opposition
from the White House.
If
passed
by the U.S. Senate, the Commodity Futures Trading Commission would assume a large portion of crypto oversight. FIT 21 places digital asset exchanges like Binance and Coinbase under the CFTC’s purview.
Read more:
McHenry pushes for Senate approval of FIT21 crypto bill
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