House Republicans Accuse Gary Gensler of Political Favoritism in SEC Hiring

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by Giorgi Kostiuk

2 years ago

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  1. Accusations of Political Favoritism
  2. UK Introduces Crypto Property Bill
  3. UAE Streamlines Crypto Licensing
  4. Nubank Halts Nucoin Trading


    5. House Republicans have accused SEC Chair Gary Gensler of political favoritism in hiring staff. Meanwhile, the UK introduced a bill to classify cryptocurrencies as personal property, and the UAE streamlined crypto licensing. In Brazil, Nubank halted trading of its cryptocurrency Nucoin after a significant price drop.

    Accusations of Political Favoritism

    House Republicans are scrutinizing SEC Chair Gary Gensler for potentially violating federal law by hiring based on political affiliations. In a letter dated Sept. 10, Representatives Jim Jordan, Patrick McHenry, and James Comer claimed the SEC filled senior roles with people from left-leaning organizations. They referenced email correspondence that suggests the hiring of SEC's director of trading and markets, Dr. Haoxiang Zhu, may have been politically motivated. The lawmakers have requested all documents and communications related to SEC hiring decisions dating back to April 2021 and have given Gensler until Sept. 24 to provide these materials to the House Judiciary Committee.

    We believe the SEC may be unlawfully considering political ideology in hiring, which breaches the Civil Service Reform Act.Representative Jim Jordan

    UK Introduces Crypto Property Bill

    Meanwhile, the United Kingdom introduced a new bill to classify Bitcoin, cryptocurrencies, and non-fungible tokens (NFTs) as personal property under UK law. The bill, announced on Sept. 11, will create an additional category for property, classifying digital assets as 'things' under UK law. The bill also aims to offer legal protection against fraud and help courts manage complex property cases involving digital holdings.

    UAE Streamlines Crypto Licensing

    The United Arab Emirates (UAE) has made a significant step toward regulatory cohesion in the crypto sector by signing a cooperation agreement between the Securities And Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA). The agreement aims to streamline the licensing regime for virtual asset service providers (VASPs) across the country. VASPs licensed in Dubai by VARA will now be registered with the SCA, allowing them to service the wider UAE.

    Nubank Halts Nucoin Trading

    Nubank, one of Latin America's largest crypto banks, has suspended trading of its own cryptocurrency, Nucoin (NUC), after it suffered a 97% price drop over the past year. Effective Sept. 10, users with at least 10 reals in Nucoins have until Dec. 9 to convert them to Bitcoin or the stablecoin USDC. The bank cites market volatility as the reason for the immediate suspension.

    These diverse approaches to crypto regulation highlight the significant political and legal influences on the development and acceptance of cryptocurrencies worldwide. Balanced and transparent regulation remains a key need in this evolving financial landscape.

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