Gary Gensler, chairperson of the Securities Exchange Commission (SEC), was questioned by lawmakers from both parties at a congressional hearing focused on the SEC's regulation of the crypto industry. Republican Majority Whip Tom Emmer questioned Gensler's handling of the crypto startup DEBT Box case, which was criticized by a federal judge as "bad faith" and required the SEC to pay for related sanctions. Mr. Gensler acknowledged that the case had been mishandled, and faced questions from lawmakers, he said "the law is in place, but Congress can adjust it". In addition, Democratic lawmaker Ritchie Torres debated how the SEC defines securities, comparing the purchase of New York Yankees tickets to the purchase of NFTs. The hearing comes against the backdrop of the upcoming election in 2024, where cryptocurrencies have become a hot topic and companies have invested $119 million in political action committees this year.