Harsh criticism from Patrick McHenry to Gensler: Why do you think Bitcoin is not a security?
During the session, before his questions to Gensler, Committee Chairman Patrick McHenry harshly criticized the SEC Chairman. McHenry told Gensler, “Although you constantly state that the laws are very clear, you have practices and court decisions that harm investors.” He reacted as follows.
Additionally, McHenry also asked a question about Bitcoin. At this point you may be asking “Why do you think Bitcoin is not a security?” asked. To this question, Gensler said, “I believe Bitcoin is not a security because it does not meet the Howey test.” He replied: cryptokoin.com We have included a detailed breakdown of the explanations in this article.
No clear answers on Bitcoin ETF
During the session, Congressman Rep Warren Davidson, who is positive about cryptocurrencies, asked Gensler questions. In one of them, he asked about his approach to Bitcoin ETF. Gensler’s previous statement on this subject questioned whether he accepted a court decision that the SEC’s reason for rejecting Bitcoin ETF applications was “arbitrary and capricious.” Gensler avoided giving a clear answer on this issue. He also stated that active reviews for the Bitcoin ETF are ongoing.
As larger players, particularly BlackRock and Fidelity, turn to Bitcoin ETF applications, concerns are growing about how and when the approval process will occur. In this context, some members of the legislature have called on the SEC to expedite the ETF approval process.
But despite all these calls, the SEC’s decision to postpone its decision on GlobalX and Ark Invest cum 21Shares’ Bitcoin ETF applications indicates that the regulator is not planning to approve an ETF anytime soon. As a result, the crypto market is in the dark regarding the SEC’s ambivalent stance on these issues. This uncertainty leaves many question marks for cryptocurrency investors. At the same time, the SEC’s future steps remain in the dark.
Bitcoin took action during the session
SEC Chairman Gary Gensler’s speech to the Senate Banking Committee caused fluctuations in Bitcoin.
The role of the SEC has always been decisive in the crypto market. Currently, Gensler is speaking before the Senate Banking Committee and this has led to sharp movements in Bitcoin. At the beginning of the speech, BTC increased by 2.74 percent. However, the atmosphere became tense with the speeches of other officials.
As Bitcoin approached a key resistance point, the market was watching this move carefully. However, the expected decline occurred. BTC fell 2.37 percent in Gensler’s words after climbing to $26,850.
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