The United States Securities and Exchange Commission (SEC) Chairman Gary Gensler is scheduled to appear before the House Financial Services Committee, for the first time, to discuss his approach to cryptocurrency policy.

Gemini, the U.S.-based crypto exchange founded by Cameron and Tyler Winklevoss, is reportedly planning to launch an international cryptocurrency derivatives exchange. 

Tim Beiko, who oversees Protocol Support at the Ethereum Foundation, has confirmed the date for Ethereum's upcoming Shapella network upgrade.

Top stories in the Crypto Roundup today:

• Gary Gensler Scheduled to Appear Before House Financial Services Committee
• Gemini Looks to Launch Overseas Derivatives Operation
• Ethereum Foundation’s Tim Beiko on the Shapella Upgrade

Gary Gensler Scheduled to Appear Before House Financial Services Committee

The U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is scheduled to appear before the House Financial Services Committee, for the first time, to discuss his approach to cryptocurrency policy.

The Financial Services Committee is responsible for overseeing the entire U.S. financial services sector, including banking, securities, and digital assets. Representative Patrick McHenry confirmed in an interview that Gensler will testify on April 18 and answer questions about his stance on the crypto ecosystem.

This will be the first oversight hearing for the SEC, with a focus on Gensler's rulemaking and approach to crypto assets. McHenry emphasized that the committee would exercise substantial general oversight over the SEC and would be committed to establishing a regulatory framework for digital assets.

Gensler's approach to crypto has generated controversy over the years, with several Democratic party members expressing concerns about his “regulation by enforcement” approach. Some in the crypto industry fear that the party's anti-crypto position could have negative consequences for its 2024 election campaign.

Gemini Looks to Launch Overseas Derivatives Operation

Gemini, the U.S.-based crypto exchange founded by Cameron and Tyler Winklevoss, is reportedly planning to launch an international cryptocurrency derivatives exchange, according to The Information. 

The platform intends to offer perpetual futures, a type of derivative not available to U.S. retail traders due to its high-risk nature, as it doesn't have an expiration date and allows significant leverage.

This development comes in the wake of crypto exchange FTX's bankruptcy in November 2022 and the recent Commodity Futures Trading Commission (CFTC) lawsuit against Binance for allegedly rules that require futures and derivatives to be traded on regulated platforms. 

Coinbase, a leading U.S.-based exchange, is also reportedly exploring the launch of an overseas platform to offer perpetual futures. However, Coinbase is facing regulatory challenges, having received a Wells Notice from the SEC, which indicates a potential enforcement action in the future.

Gemini has been contacting trading firms in recent months to act as market makers for its planned overseas operation, according to sources familiar with the matter.

Ethereum Foundation’s Tim Beiko on the Shapella Upgrade

Tim Beiko, who oversees Protocol Support at the Ethereum Foundation, has confirmed the date for Ethereum's upcoming Shapella network upgrade.

Shapella, a combination of the words "Shanghai" and "Capella," refers to the hard forks on the execution layer client side and the consensus layer client side, respectively. The Ethereum Foundation named the upgrade after Devcon 2's location, Shanghai, and Capella, the brightest star in the northern constellation of Auriga.

On March 28, Beiko announced via Twitter that the Shapella upgrade would occur on the mainnet during epoch 194048, scheduled for 22:27:35 UTC on April 12, 2023. Ethereum Bug Bounty rewards for Shapella-related vulnerabilities have been doubled until April 5, 2023, to address security concerns.

According to an Ethereum Foundation blog post, client teams agreed to activate the Shapella upgrade on the mainnet after a successful transition on the Goerli testnet. The upgrade will allow validators to withdraw their stake from the Beacon Chain back to the execution layer, and introduce new functionality to both the execution and consensus layers.

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