The five commissioners who make up the Securities and Exchange Commission will spend some quality time testifying before Congress this week, starting with the House at 10 a.m. today.
We expect SEC Chair Gary Gensler to get most of the attention. You can get up to speed with what Gensler’s been up to with this conversation we published last week.
You’re probably well-acquainted with how lawmakers talk about Gensler. Republicans and their industry allies object to just about anything the chair touches — particularly when it comes to crypto. House Majority Whip Tom Emmer shared a Gensler tweet on social media Monday to say he was “looking forward to holding your feet to the fire. #FireGaryGensler.”
Pro-crypto Democrats also have their own long list of problems with Gensler’s approach to the sector.
“I am eternally grateful that Gary Gensler, maybe the smartest person on earth, would grace us with his presence,” Rep. Ritchie Torres (D-N.Y.) said sarcastically.
But Gensler has some friends on the Hill, chiefly among Democrats who like his get tough approach. Sen. Cynthia Lummis — a top crypto backer — also said she had a good relationship with Gensler, even though the Wyoming Republican plans to grill him on how the agency is handling exemptions to Staff Accounting Bulletin 121.
“[Gensler] and I have had a very good working relationship from day one,” Lummis said, adding “He and I just strongly disagree about some things.”
This is the first time Gensler has appeared before Congress alongside his fellow SEC commissioners.
Looking ahead, the stakes this week may be higher for the agency’s GOP members. In Republican circles, Commissioners Hester Peirce and Mark Uyeda are both contenders to lead the SEC in a potential GOP administration. This will be a high-profile audition.
Meanwhile in the Senate: Sen. Tim Scott (R-S.C.) will unveil legislation targeting a reform of capital markets today — just in time for an appearance at a Punchbowl News event.
The package, co-sponsored by almost all Senate Banking Republicans, is designed to ease a raft of legal requirements for companies below certain size thresholds when it comes to raising capital and filing investment disclosures.
Read a fact sheet here and the full bill here.
Some tax prep news: Senate Finance Committee Democrats have been holding info sessions for staff ahead of the 2025 tax fight, according to a person familiar with the work.
Committee staff have also been individually meeting with aides for each Senate Democrat. The purpose of these huddles is to talk through senators’ priorities for the big tax debate when the Trump tax cuts expire next year. This staff-level work will continue during the October recess.
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