**Congressman Troy Downing Criticizes Former SEC Chair Gary Gensler Over Digital Asset Regulation**
In a recent U.S. House Committee on Financial Services hearing, Congressman Troy Downing (R-MT) criticized former SEC Chair Gary Gensler for his approach to regulating digital assets. Downing accused Gensler of lacking regulatory clarity and maintaining a hostile stance toward the digital asset industry, arguing that this hindered U.S. fintech leadership and contributed to the rise of meme coins.
Downing claimed that under Gensler, the SEC prioritized aggressive enforcement, treating every digital asset as a security, which risked undermining the U.S.’s position in financial technology. He suggested that Gensler’s failure to provide clear guidelines on digital assets led to the proliferation of meme coins.
Under new leadership during the Trump administration, the SEC has shifted away from this aggressive regulatory approach, dropping several high-profile crypto lawsuits. Lawmakers are now pushing for clear legislative guidance to regulate the digital asset industry effectively.
