- SEC chief has until May 19 to respond to inquiries
- They cover 3 topics on crypto regulation
- Previously, the SEC responded with on-duty replies
U.S. House of Representatives Committee on Financial Services put forward official ultimatum to the head of the SEC, Gary Gensler. They require the official to provide a number of requested internal non-public documents by May 19.
These reports relate to Gensler’s crypto-regulation activities. Lawyers want documents related to the work with crypto-assets and charges against the former head of FTX Sam Bankman-Fried. The last point is especially interesting. Lawyers want to know how the SEC disclosed FTX’s climate and cryptocurrency regulations.
The committee claims it has previously sent letters to the SEC asking it to list all firms and digital asset entities that wanted to register in the US but were denied. They also want to see detailed correspondence on this process. So far, lawyers have not received clear answers from Gensler and his staff. Those send on-duty replies with publicly available information.
“It is incomprehensible to us that an agency with nearly 5,000 employees, nearly 150 lawyers in the General Counsel’s office and more than 200 employees in the IT department is struggling to process three congressional requests in a timely and efficient manner.” — stated in the appeal.
Rumors have been circulating in recent weeks that SEC Chairman Gary Gensler could be fired for “excessive pressure” on the cryptocurrency sector.
