Congressman Byron Donalds Lets Gensler Know that Congress Hasn’t Given the SEC Authority to Regulate Cryptocurrency

During Gensler's appearance at the Tuesday’s House Financial Services Committee hearing, he was questioned by Congressman Byron Donalds on his imposition of rules on the players in the crypto space, which they have to comply with. Donalds made it clear to Gensler that Congress hasn't given Gensler the framework for regulating Digital Assets, and asks him, "where are you pulling that one from?"
And the following ensues between them

Gensler, responding, says, "With all due respect, we disagree, sir."
Donalds retorts, "Oh, I can see we disagree a lot, Chairman because we are not giving you authority. You are just taking it. That's part of the issue right now."
Gensler, responds, "With all due respect, Congress painted with a broad brush when they set up the SEC, and I quote Thurgood Marshall, which is one of the greatest…"
Donalds, cuts in, "Congress painted with a broad brush in 1933 and 1934 not in 2023. We've not touched that. It's a new industry."

So as Congressman Donalds and some like Jake Chervinsky have pointed out, regardless of the SEC's legal pursuits against some players in the industry, the SEC has not been given the authority by Congress to regulate cryptocurrency, and Gensler is making up rules as he goes. Ultimately those regulations would be set by Congress not the SEC or CFTC.

Gensler and his thugs, at this point, are grasping at straws from old legislation set up in 1933 to "regulate" a relatively new industry, which Congress, back then wouldn't have dreamt would apply to this industry, which couldn't have been conceived in their wildest dreams. I look forward to the introduction of the Legislation, by Tom Emmer, to remove Gensler and restructure the SEC.