SEC's Gensler faces backlash from Republicans over crypto and climate policies.

House Republicans criticized SEC Chair Gary Gensler's crackdown on cryptocurrency, claiming it has failed to bring stability to digital asset markets. Republicans argued that Gensler's approach is driving innovation overseas and endangering American competitiveness. Gensler has significantly dialed up SEC enforcement since last year's collapse of the FTX exchange, setting its sights on some of the biggest companies like Coinbase. Gensler has long argued that much of the lightly regulated $1 trillion market violates U.S. securities rules because many of the products consist of unregistered securities.