The US House Committee on Oversight and Accountability has sent a warning to Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), urging him to cooperate or face disciplinary action. James Comer, Chairman of the Committee, emphasized the importance of Gensler’s full cooperation in a letter addressed to him.
The letter stated that the committee would consider using compulsory measures if Gensler did not cooperate. Comer demanded that Gensler provide documents responsive to their requests and expressed frustration at the SEC’s delay in providing the requested information. The letter also accused Gensler of neglecting his obligation to collaborate with Congressional Committees and obstructing congressional oversight. Gensler has been adopting a more skeptical approach towards cryptocurrencies since assuming the role of SEC Chair, warning Congress about the risks associated with the growing stablecoin market.
Following the collapse of cryptocurrency exchange FTX, Gensler faced criticism and initiated lawsuits against prominent players in the industry such as Binance and Coinbase. Besides his focus on crypto regulation, Gensler has also introduced new rules and regulatory proposals to the traditional finance sector.