Operation Choke Point 2.0 is in the spotlight now more than ever after recent moves by US officials against the US crypto sector.
The US Securities and Exchange Commission (SEC) is at the center of the effort, having recently issued a Well Notice to Coinbase and filed a case against cryptocurrency entrepreneur Justin Sun for theft and other breaches of securities law.
Only now, Congress in the United States has yet to provide oversight of SEC activities. But that’s about to alter. Patrick McHenry, head of the Financial Services Committee, revealed in an interview with Punchbowl News that SEC chief Gary Gensler will have to appear before the committee for the first time on April 18 to defend his actions.
The United States House Committee on Financial Services regulates the stocks, finance, and cryptocurrency sectors on behalf of the House of Representatives. In 2023, North Carolina’s Patrick McHenry, a Republican, was elected president.
As a result, in January 2023, he created the Digital Assets Subcommittee to fill a void in the House Financial Services Committee’s oversight of cryptocurrency. Republican Representative French Hill leads the panel, and his assistant is fellow Republican Representative Warren Davidson.
McHenry, the committee head, has stated that he intends to prioritize SEC monitoring and provide Gensler with more legislative scrutiny than he has had in the past. The purpose of the meeting is to clarify Gensler’s stance on digital assets and legislation. According to McHenry:
“As far as I know, this is the SEC’s first-ever review meeting. His regulatory philosophy and outlook on cryptocurrency will be discussed. The SEC will be under its broad, general supervision. With [this] strategy, we will take a severe approach to establish […] a regulated environment for digital assets.”
McHenry also stated that he plans to investigate the topic of digital asset legislation in the coming months. “I’m happy we made the announcement and got things moving in that direction. The chairperson said, this is the first of many regulatory hearings throughout the summer.”
Also Read: The Founder Of Cardano Responds To A Letter Accusing US Regulators Of Waging A Crypto War
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