A highlight from CONGRESS DEMANDS BITCOIN ETF APPROVAL - GENSLER GETS REKT | SB Originals
You refuse to be transparent with Congress regarding your interactions with FTX and Sam Bankman -Fried. That's the investigation we started last Congress. Finally, your lack of responsiveness to this committee's legitimate oversight continues to be unacceptable. And I want to finish here. In February, the committee made multiple requests for documents to the Securities Exchange Commission. This is normal congressional oversight. Yet seven months later, the committee has not received a single non -public document that was not part of a FOIA production. As I said, our patience is wearing thin. The SEC is not above the law, nor is it unique. Other financial regulators have routinely complied with congressional oversight. So let me be clear. I do not want to be the first chairman of this committee to issue a subpoena to the Securities Exchange Commission. And you should not want to be the first SEC chair to receive a congressional subpoena. Either we find a path forward where the SEC recognizes Congress is a co -equal branch of government and is responsive to our oversight duties, or my option is to issue a subpoena. It's time for you to consider the lasting consequences of your actions and what that means to the Securities Exchange Commission's reputation long term. While your time in this role may be temporary, the repercussions for your actions may be permanent for the agency. I yield back. What's up and welcome back. You know, they say when you're on the hot seat, the burns can last a lifetime. And the other night the hot seat was in Congress and Gary Gensler was feeling the heat. We got a lot to cover. Let's get it. All right, let's get it started here. This was just in full letter to the SEC, and this was on September 26th and addressed to Chairman Gensler. It included Representatives Mike Flood, Tom Emmer, Richie Torres, and Wylie Nickel, and they claimed the SEC continuously is discriminated against spot Bitcoin ETFs. And then we have this from Representative Warren Davidson, Gary Gensler must be held accountable. And then if you guys look at the tweet here throughout his tenure, Gary Gensler has blatantly ignored Congress, be it when considering rulemakings or responding to lawmakers oversight requests. Republicans continue to bring long overdue accountability to Gensler's SEC. Republicans are holding SEC Chair Gensler accountable. They even went so far as to say, all right, let's bring in subpoenas or maybe we should just fire this guy. He went further. Gensler's failures are many. That's why I introduced the SEC Stabilization Act to fire Gary Gensler. He'll see you in the hearing. And we've got so much of the hearing to get to. It was honestly out of line in some regards, hilarious. But let's get to it. And we're going to go ahead and get it started here with the GOP majority whip, Tom Emmer totally crushes Gary Gensler. Here's one quote. It cannot be understated. A common theme throughout your career, sir, is your relentless loyalty to the largest financial institutions at the clear expense of innovation, competition and everyday Americans. Let's roll the clip. Chair Gensler, I have a series of questions that require a yes or no answer. And in the interest of my limited time, I'd appreciate it if you would comply with it. Mr. Gensler, is it fair to say generally that large institutions in any given industry benefit more from regulatory uncertainty than everyday market participants or smaller institutions who don't have the scale or the capital to fund expensive compliance teams? Large institutions could benefit from uncertainty. Reclaiming my time. The answer is yes, sir. Mr. Gensler, you had an 18 year career at Goldman Sachs where you were partner and co -head of finance, correct? Yes, sir. Thank you. And is it correct to say that you made most of your personal wealth directly through your employment at this bank, Goldman Sachs? I've done well since then, too, sir.