On May 19, the US House Financial Services Committee issued an ultimatum to Securities and Exchange Commission (SEC) Chairman Gary Gensler to respond to an investigation.
on may 9th letter, Lawmakers have asked the SEC to file non-public documents regarding the requested activities, including the charges against bankrupt FTX founder Sam Bankman-Fried, cryptocurrency regulation, and corporate environment disclosures.
The commission said it has sent a letter to the SEC requesting it send a list of all digital asset entities that have attempted to register with the commission and correspondence and documentation regarding the process, according to the commission.
The Commission accused Mr. Gensler and the SEC staff of failing to provide adequate answers to those inquiries. The SEC noted that it sent out a voluminous set of documents, most of which contained publicly available information.
The letter states, “With nearly 150 attorneys in the General Counsel Office and more than 200 employees in the IT department, nearly 5,000 government agencies will process three requests from Congress in a timely and expeditious manner. “I cannot imagine that they are struggling with the .
The commission gave financial regulators a May 19 deadline to turn in the required documents, or they would face the general counsel and the head of the legislature for questioning.
Rep. Bill Huizenga said lawmakers were tired of the SEC’s “obstruction” of the committee’s mishandling.Huizenga Added:
“inside finance committee Gary Gensler said at the hearing that he respects Congress’ oversight role. If Chairman Gensler does not meet his own standards and does not answer our questions, someone from his staff will answer for us. ”
The letter marks the Commission’s latest effort to understand the SEC’s operations under Chairman Gensler. Several members of the cryptocurrency community noted that previous letters and public hearings by lawmakers had not provided much clarity on regulation of the cryptocurrency industry.
Meanwhile, some members was suggested Lawmakers submit subpoenas to committees to force them to comply with their demands.
The Post-U.S. House Finance Committee has given SEC Chairman Gensler an ultimatum to comply with an investigation first published on CryptoSlate.