⚡ Gensler Faces Accusations of Misleading Congress
posted 1 May 2024
Chairman Patrick McHenry of the U.S. House Financial Services Committee has accused SEC Chairman Gary Gensler of misleading Congress.
During his testimony to the Financial Services Committee in April last year, Gensler refused to clarify the classification of ETH, specifically whether it is considered a security or a commodity.
New court filings show this was an intentional attempt to misrepresent the Commission's position,stated Committee Chairman Patrick McHenry.
These allegations likely refer to court documents from Consensys that we reported on recently, which disclose that the SEC initiated an investigation into Ethereum just days before Gensler's ambiguous testimony.
Interestingly, McHenry also co-authored the bipartisan market structure bill, FIT for the 21st Century Act, which aims to establish a clear regulatory framework for digital asset markets.
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