House Financial Services Committee announces crucial hearings on SEC’s oversight of amid a tense scenario in the crypto market. PromotedAd Join the Chimpzee ($CHIMPZ) Presale Now!!! By Coingape Staff 31 mins ago Updated 31 mins ago
The Chairman of the House Financial Services Committee, Patrick McHenry, unveiled plans for two crucial hearings aimed at shaping the future of financial oversight and regulatory policy in the US. The House Financial Services Subcommittee on Capital Markets, Financial Institutions, and Monetary Policy announced two hearings on September 12.
What To Expect From The Upcoming Financial Services Committee Hearings?
The first hearing, titled “Oversight of the SEC’s Division of Investment Management,” is scheduled for Tuesday, September 19, 2023, at 10:00 AM ET, and will take place in 2128 Rayburn House Office Building.
This session is expected to delve into the intricate workings of the Securities and Exchange Commission (SEC) Division of Investment Management, providing an invaluable opportunity for lawmakers to scrutinize and assess the division’s performance. Key aspects of this hearing, such as the live stream, committee memo, pertinent legislation, and the list of witnesses, can be accessed from the official website and will be continuously updated in the run-up to the event.
The second hearing, entitled “A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences,” is slated for the same day, Tuesday, September 19, 2023, at 2:00 PM ET. Like the former hearing, it will also be hosted in 2128 Rayburn House Office Building.
This session will cast a wide net, encompassing an extensive review of regulatory bodies and the potential economic implications of regulatory actions. In a time where regulatory precision is paramount, this hearing promises to be an essential milestone in shaping the regulatory landscape.
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Detailed information about this hearing, including the livestream, committee memo, and the list of witnesses, is accessible on their website and will be consistently updated as the hearing date approaches.
Financial Services Committee’s Latest Stance
In 2023, federal agencies and lawmakers have been actively addressing the dynamic digital asset landscape. The need for a unified legislative framework has grown significantly due to market volatility, concerns about investor protection, and the international competition to establish digital currency standards.
Notably, in an earlier oversight hearing, the U.S. House Financial Services Committee criticized SEC Chair Gary Gensler’s excessive regulation of the cryptocurrency market using inconsistent and unsuitable rules.
In a separate announcement on September 7, the Committee Of Monetary Policy, Financial Technology, and Inclusion, announced other two hearings will take place on September 14. The first hearing will address recent regulatory proposals, including the implementation of Basel III recommendations and adjustments to risk-based capital surcharges for global systemically important bank holding companies (G-SIBs).
The second hearing will be a discussion around the features and implications of a CBDC, with considerations for privacy, intermediation, and identity verification, as well as the role of financial institutions and fintech firms in managing CBDC holdings and payments.
Notably, the Financial Services Committee recently said that legal rulings have highlighted the insufficiency of current regulations within the digital asset ecosystem. Republicans, exemplified by figures like RepTimmons, are pushing forward innovative legislation aimed at providing comprehensive consumer safeguards and establishing transparent guidelines for participants in the market.