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Securities and Exchange Commission Chair Gary Gensler was questioned by the Senate Banking Committee about the oversight of his department. Gensler's regulatory approach drew criticism from Republican Senator Tim Scott, who accused him of hindering pro-growth initiatives and potentially increasing costs for public companies with climate disclosure rules. Scott emphasized the need for a slower regulatory pace stating, "the breakneck pace you are pumping out regulations should not be applauded." Gensler was also asked about a judge's ruling in favor of Grayscale in its bid to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. Gensler said his team is still reviewing the decision.

Yahoo Finance's Jennifer Schonberger delves into the details of the hearing.