Before testifying before the Senate Banking Committee, SEC Chair Gary Gensler reiterates his stance that cryptocurrencies should fall under the agency’s jurisdiction.
He will also be asked about recent court decisions that have impacted the regulatory landscape.
Last month, the Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale and Ripple in a case brought by the SEC.
In another case, a ruling by a federal judge rules that Ripple is a security when sold to institutional investors as it meets the requirements set in the Howey Test.
This decision could have implications for other cryptocurrencies as well.
Senator Bill Hagerty (R-Tenn.) recently argued that the lack of regulatory clarity in the United States is creating an unfavorable environment, driving crypto companies out of the country.
Antonio Juliano, founder of the decentralized exchange dYdX, said in an X thread that crypto companies need to forget about serving customers in the US for the next five to 10 years due