U.S. SEC Chairman Gensler faced intense questioning at a congressional hearing over his handling of cryptocurrency regulation and the DEBT Box case

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), was questioned by bipartisan members at a congressional hearing, with the focus on SEC's regulation of the crypto industry. Republican Majority Whip Tom Emmer questioned Gensler's handling of the DEBT Box case involving a crypto startup at the hearing. The case had been criticized as "malicious" by a federal judge who demanded that SEC pay related sanctions fees. Gensler admitted improper handling of this case and stated in response to questions from lawmakers that "the law is in place, but Congress can make adjustments." In addition, Democratic Congressman Ritchie Torres initiated discussions on how SEC defines securities, comparing buying New York Yankees tickets to purchasing NFTs. This hearing comes against the backdrop of upcoming 2024 elections where cryptocurrency has become a hot topic and relevant companies have already invested $119 million into political action committees this year.