💨 Abstract

In a hearing, US lawmakers criticized SEC Chair Gary Gensler for alleged hindrance of the crypto industry's growth, citing policy uncertainties and regulatory lack of clarity. Gensler defended his stance, stating existing securities laws are sufficient for crypto regulation. He also addressed concerns over an SEC accounting bulletin that requires companies to record crypto assets as balance sheet liabilities, justifying it through bankruptcies.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖