US Congressmen destroy Gary Gensler and call him a liar in 5-hour House Committee hearing

Hat tip to Bankless for highlighting the best parts of the 5-hour long House Financial Services Committee hearing with the SEC.

A dozen congressmen intensely grilled the SEC commissioners about all their shady and lawless practices. These are the best parts: https://x.com/BanklessHQ/status/1838602054115512769

Gary Gensler was unable to respond to most of the responses and kept waffling. There were multiple times where congressmen got so pissed off with Gensler that they interrupted him and let SEC Commissioner Hester Pierce respond. Pierce kept agreeing with the congressmen and seemed like she was secretly happy the congressmen finally gave her a voice.

TL;DW:

House representatives got the SEC to admit again that cryptocurrencies are not securities Got the SEC to admit that they have been purposefully been ambiguous about regulations, which caused malicious damage to the crypto industry, both to exchanges like Coinbase and to banks that serviced those exchanges like Silvergate which would done fine had the regulations not changed overnight. Gensler and Crenshaw were roasted multiple times House Majority Whip Emmer basically called Gensler a fat liar and said he lied in court. He was so pissed off at Gensler. Emmer said that the SEC broke the law and lied multiple times. Torres used Pokemon and sports cards to show how Gensler regulations would classify sales of collectible cards as securities. Gensler was unable to answer why sales of a Yankee’s ticket are not securities and again avoids answering the question, which he immediately got called out for. Congressmen said that the SEC’s treatment of NFTs as securities instead of as collectibles was ridiculous and a 1st-amendment violation. Multiple congressmen talked about Operation Choke Point 2.0 and the SEC’s role in it and harming the financial industry

(Took me 3 days of waiting to post this due to the stupidly-low Coin Limit)