The SEC has until May 19th to respond to the inquiries or the Committee will schedule a testimony at the earliest possible date.

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n Wednesday, May 10th, Representatives Patrick McHenry and Bill Huizenga sent a letter to SEC’s Gary Gensler. The document calls on the SEC to offer adequate replies to the Committee’s previous inquiries into the Commission’s charges against Sam Bankman-Fried, as well as on its actions surrounding digital assets and the proposed climate rule.

Financial Services Committee Requests Answers on Digital Assets, SBF by May 19th

This Wednesday, Representatives Patrick McHenry and Bill Huizenga, the House Financial Services Committee Chairman and Investigations Subcommittee Chairman sent a letter to SEC’s Gary Gensler requesting the SEC adequately respond to several previously made inquiries. 

The Congressmen also criticized the SEC for its failure to offer a satisfactory answer previously citing its numerous staff including around 150 lawyers. The Representatives are primarily interested in additional information on the proposed climate rule, and the Commission’s actions with regard to digital assets. 

They also requested additional details on the SEC’s charges against the former CEO of FTX, Sam Bankman-Fried. According to the letter, the Commission has until 5 PM on Friday, May 19th, to respond. If it fails to do so, the Committee will schedule a testimony based on the Commission’s schedule.

Lawmakers’ Previous Clashes With SEC Chair Gary Gensler

Various lawmakers, mostly from the Republican party, have been vocal critics of the SEC’s approach to digital assets for years. Perhaps most notably, Representative Tom Emmer has criticized the Commission when it comes to its actions pertaining to cryptocurrencies even calling it a “shakedown authority” in the summer of 2022.

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