EddieJayonCrypto

 30 Apr 24

tl;dr

SEC Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, who claims the SEC already considered Ethereum's ether a security before Gensler's testimony. The classification of Ethereum's ether is a major question in U.S. oversight of digital assets. Documents in Consensys...

SEC Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, who claims the SEC already considered Ethereum's ether a security before Gensler's testimony. The classification of Ethereum's ether is a major question in U.S. oversight of digital assets.

Documents in Consensys' lawsuit against the SEC suggest the agency was investigating ETH days before Gensler's testimony. The SEC's investigation doesn't equate to a formal policy position, and the SEC has not made a formal determination on how ETH should be categorized.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee, who said Gensler's agency already knew it considered Ethereum's ether a security before he attended a hearing and declined to answer that question.

"Chair Gensler refused to answer questions regarding the SEC's classification of ether," McHenry said in a statement. "New court filings show this was an intentional attempt to misrepresent the commission's position."

"I agree with Consensys that if the SEC determined all offers and sales of ETH involved securities transactions it would be devastating to the entire crypto industry, but since the SEC hasn’t actually done that yet, why try to force the issue?" Gulovsen said. Read More: Consensys, a Target for the SEC’s Assault on ETH, Is Fighting Back Disclosure.

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Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
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