SEC Chairman Gary Gensler to Provide Testimony on Bitcoin in September!

• It seems likely that the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, will testify before two separate committees of the U.S. Congress in September 2023.
• Gensler will also face questions about his plans to approve spot Bitcoin ETF applications from Blackrock, Ark Invest, Fidelity, Bitwise, and others.
• According to information revealed by Fox Business journalist Eleanor Terrett, the SEC Chairman has agreed to testify separately at two meetings in September 2023.

SEC Chairman Gary Gensler, who is often criticized for his opposition to cryptocurrencies, will testify twice in September; Gensler may be cornered.

SEC Chairman Gensler to Testify in September

It appears likely that the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, will testify before two separate committees of the U.S. Congress in September 2023. This comes after the historic XRP case Summary Judgment and the Grayscale spot Bitcoin ETF case victory, both of which are considered major setbacks for the SEC during Gensler’s tenure.

While the announcement regarding the testimonies does not explicitly state a focus on the cryptocurrency market, it is believed that they could constitute a significant portion of the U.S. Senate and House committee meetings. Interestingly, this time Gensler will also face questions about his plans to approve spot Bitcoin ETF applications from Blackrock, Ark Invest, Fidelity, Bitwise, and others.

According to information revealed by Fox Business journalist Eleanor Terrett, the SEC Chairman has agreed to testify separately at two meetings in September 2023. The dates set for these testimonies are September 12th and September 27th. On one hand, following the Grayscale victory against the SEC, the agency now has the obligation to disclose the potential approval timeline for the spot Bitcoin ETF application. Grayscale aims to convert the Grayscale Bitcoin Trust into a spot ETF.

Will Gensler Soften His Anti-Crypto Stance?

As a sign of acceptance against crypto-hostile regulations, Gensler remained neutral on the matter in a recent interview following the Summary Judgment in the SEC’s Ripple case, and he described the decision of SEC commission members to not appeal the Court’s decision as a collective decision, unlike his previous stance.

While the SEC applies the security label to some altcoins, it hesitates to apply the security label to Bitcoin and treats it as a commodity. Surprisingly, it remains uncertain whether Ethereum is considered a security. In his previous testimony, Gensler could not make a decision on whether Ethereum is a security and could not answer the questions.