As the Securities and Exchange Commission’s five voting members sat before lawmakers on Capitol Hill in September, House Financial Services Committee Chair Patrick McHenry (R-NC) pressed the agency’s head about a supposed lack of regulatory clarity regarding crypto.

“The laws are clear, and it’s written by the Supreme Court,” SEC Chair Gary Gensler began to say before McHenry cut him off—turning to Gensler’s Republican-appointed colleague, SEC Commissioner Hester Peirce, to ask about the agency’s stance on crypto regulation again.

“We’ve taken a legally imprecise view to mask the lack of regulatory clarity,” Peirce responded, with Gensler just a few feet away. “It’s always helpful to have Congress weigh in, but there certainly are some guidelines we could provide in this area that we have chosen not to.”

The exchange lasted minutes, but it underscored years-long tension over the SEC’s regulatory approach to crypto. It also highlighted a partisan divide within the agency over whether broad swathes of the crypto industry fall under its remit, requiring digital asset firms to abide by the agency’s decades-old rules relating to securities.

Gensler, who once said that “
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Author: André Beganski

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