2023-04-18T16:52:35-04:00April 18th, 2023|5- Client Report|

HFSC GOP Hammers Gensler on Crypto, Climate

As anticipated, HFSC’s hearing today with Chairman Gensler was a raucous affair which, while divided sharply on party lines when it comes to Mr. Gensler, also laid out general agreement on matters such as the need for stablecoin legislation (the topic of a high-profile hearing tomorrow).  Mr. Gensler did not begin on a positive note, providing what many on both sides saw as a confusing answer when asked for a clear distinction between securities and commodities.  Democrats were also not united in his defense when it came to governing cryptoasset by enforcement, not regulation; as noted in this report, they were more aligned when it comes to climate-risk disclosures.