Securities and Exchange Commission (SEC) chairman Gary Gensler found himself in a congressional hot seat over his aggressive regulatory agenda on the crypto market.
During Tuesday’s House of Financial Services Committee hearing, Republican lawmakers on the panel blasted Gensler for the SEC’s recent enforcement efforts against crypto companies. They also ripped into Gensler’s proposed regulations to tighten rules for crypto firms, noting that he had proposed twice as many rules as his predecessors.
In his defence, Gensler argued to the panel that the U.S. has the strongest and most secure capital markets in the world because of its robust rules, adding that there is a need for updated rules because the new innovations are putting investors at risk.
But the committee’s chairman, Rep.Patrick McHenry, said it’s irresponsible for the SEC to sue crypto firms when the law isn’t clear about which digital assets are securities or commodities. To many in the crypto community, this was proven when McHenry pressed Gensler to define whether ether(ETH) is a security or commodity, only for the latter to refuse to answer.
“You’re punishing digital asset firms for allegedly not adhering to the law when they don’t know it will apply to them. It’s nonsensical,” McHenry told Gensler.
Gensler has been under a lot of fire from the crypto industry. Many accuse him of creating a hostile environment for digital assets that has forced several crypto firms to move their operations abroad.
HedgeUp (HDUP) Positions Itself Ahead of The curve.
In other news, HedgeUp (HDUP) has been ahead of the curve in bringing new innovations to the crypto industry. The project’s new platform is the world’s first alternative investment trading platform.
HedgeUp (HDUP) will allow anyone to invest in alternative assets like luxury watches, jewellery, wine, and whiskey without having to buy the assets. This is possible because the items are tokenized into NFTs that users can trade on HedgeUp’s (HDUP) revolutionary NFT trading platform.
The project is currently running a presale for its platform token HDUP. The HDUP token will be used to make fee payments, bid at auctions, and trade assets on the platform. Holders also get first access to new products, exclusive access to the HedgeUp (HDUP) masterclass, and discounts on fees and services.
Interested investors can purchase HedgeUp (HDUP) tokens at a discounted rate of $0.013 during the presale before the price increases.
Will Dogecoin (DOGE) plummet along with Tesla?
Tesla’s stock has been on a downward trend for quite some time now. It is currently trading at around $184.31 per share, which is more than a 50% drop from its all-time high of $414.50. The stock has also had a bad week after losing 3.49% of its value over the past five days.
Tesla CEO, Elon Musk, is a vocal admirer of Dogecoin (DOGE). The billionaire has written several tweets expressing his support for the cryptocurrency. And in early 2022, he stated that Tesla would accept Dogecoin payments for some of its branded products.
This relationship between Tesla, its CEO, and DOGE is leaving many to wonder whether the cryptocurrency will plummet along with Tesla’s shares.
But the market has provided an answer to this– Tesla’s woes have not affected Dogecoin’s performance. Although the asset is also trading way below its all-time high, it is having a much better run. It’s currently trading at $0.07855. This represents a 14.5% decrease over the past seven days and a 4.7% gain over last month.
For more information on HedgeUP click the links below:
Presale Sign Up: https://app.hedgeup.io/sign-up
Telegram Link: https://t.me/HedgeUpChat
Official Website: https://hedgeup.io
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