Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to President-elect Joe Biden’s decision to nominate former CFTC Chair Gary Gensler to serve as Chairman of the Securities and Exchange Commission (SEC): 

 

“Gary’s acceptance of financial technology and cryptocurrency is a welcome change from many Democrats who avoid innovation just because they don’t understand it. I will continue to encourage the SEC to provide regulatory clarity to enhance collaboration to keep pace with the evolving nature of digital assets and, if Mr. Gensler is confirmed by the Senate, I am willing to work with him towards that end.

 

“However, I fear Democrats want to steer the Commission away from bipartisan common-ground in an attempt to achieve their most partisan goals. Any future Chair must work within the confines of the SEC’s three-part mission and resist pressure to commandeer our securities disclosure regime to try to fix non-economic issues or social problems better addressed by legislators or other regulators. A shift away from the SEC’s historical mission would only hurt American investors and small businesses.”

 

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