ChainCatcher news, according to Cointelegraph, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler faced severe criticism from Congressman Tom Emmer and others during a hearing of the House Financial Services Committee. Emmer described Gensler as the most "destructive" and "lawless" chairman in the SEC's 90-year history, accusing him of inventing the term "crypto asset security" while failing to provide any regulatory guidance for digital assets.Emmer stated, "The term crypto asset security is one you made up. This term is nowhere to be found in the regulations; you invented it and you have never provided any explanatory guidance on how to define crypto asset security within the walls of the SEC."The term crypto asset security has been the entire basis for Gensler's "enforcement campaign" against the crypto industry over the past three years. Until last week, SEC lawyers retracted this term in a court footnote.

ChainCatcher news, according to Ibtimes, the U.S. House Financial Services Committee will hold a hearing titled "Oversight of the SEC" on September 24, with SEC Chairman Gary Gensler in attendance to testify. Tomorrow, he will appear alone at a Senate hearing. After the announcement of Gensler's attendance, many users in the crypto community expressed criticism and dissatisfaction.NFT collector Medic Matt stated that attending the congressional hearing would be "a great opportunity for resignation," with some community members calling for Gensler to hand over the SEC chairmanship to someone more capable. Cryptocurrency researcher Anderson predicted that Gensler would "not answer any questions and just waste everyone's time." Anderson noted that during a hearing in 2023, Gensler repeatedly refused to answer lawmakers' questions about whether Ethereum is classified as a security or a commodity.Cryptocurrency YouTuber James Rule asked Democratic Senator Elizabeth Warren if she would "write answers" for Gensler. Warren and Gensler have been accused of deliberately destroying the cryptocurrency industry. Cryptocurrency investor and developer Leon Gaban stated that the SEC should be shut down. He urged Gensler: "Resign now, before you get fired by Trump later."Previously, Republican presidential candidate Donald Trump stated that if elected in November, he would fire SEC Chairman Gary Gensler on his first day in office. Cryptocurrency analyst Jonathan Morgan reminded Gensler that his "Democratic allies" can no longer "slander" the cryptocurrency industry, as more and more Republican politicians have acknowledged the rapid growth of the industry.

ChainCatcher news, according to CryptoSlate, Fox Business reporter Eleanor Terrett stated on social media that SEC Chairman Gary Gensler is set to testify twice before Congress this September, first on September 12 before the U.S. Senate Banking Committee, followed by a session on September 27 before the U.S. House Financial Services Committee.Previously, U.S. lawmakers (especially Republicans) have raised a series of criticisms and accusations against Gensler. Senior member of the House Financial Services Committee Patrick McHenry criticized Gensler's approach to digital asset regulation as overly aggressive, particularly given the lack of clear cryptocurrency guidelines indicating which digital assets fall under the SEC's jurisdiction. McHenry and others expressed concerns about the nature of the SEC's regulatory approach, arguing that the SEC prioritizes enforcement over clear guidelines.