The U.S. Securities and Exchange Commission faced intense scrutiny during a two-hour congressional hearing on Wednesday. The witness list for the hearing was dominated by critics of the agency, including former Commissioner Daniel Gallagher, who is now with Robinhood.
Gallagher and other critics lambasted the SEC for its handling of various issues, including regulatory overreach and enforcement actions. The hearing highlighted growing concerns about the SEC’s effectiveness and accountability.
Lawmakers grilled SEC officials on a range of topics, from market volatility to the agency’s response to the GameStop trading frenzy earlier this year. The hearing underscored the challenges facing the SEC as it seeks to regulate an increasingly complex and fast-paced financial landscape.
Despite facing tough questions and criticism, SEC officials defended their actions and emphasized their commitment to protecting investors and maintaining fair and orderly markets. The hearing served as a reminder of the ongoing debate over the role and effectiveness of the SEC in today’s dynamic financial environment.
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