US SEC Chairman refuses to clearly respond to whether ETH is a commodity or a security

04/19 01:14

According to The Block, House Republicans grilled Securities and Exchange Commission Chair Gary Gensler over his agency’s handling of digital assets, especially a lack of clarity over whether or not ether is a security, stablecoins regulations and the agency's handling of FTX. Appearing before the House Financial Services Committee on Tuesday, Gensler faced criticism from the outset of the hearing when the committee's chairman questioned him about whether or not he views the cryptocurrency with the second-largest market capitalization, ether, as a security. Gensler responded with previous statements about the amount of digital asset projects and tokens in violation of securities law. Chair Patrick McHenry grew exasperated with Gensler after repeatedly attempting to get him to weigh in on whether ether is a security or commodity. McHenry said: “There’s a lack of clarity here, can you at least agree with that?” Gensler replied that securities laws are clear, and that the SEC enforces securities laws that require disclosures to investors on investment vehicles. The status of ether in particular remains uncertain. Under the leadership of Gensler’s Republican predecessor, Jay Clayton, the SEC took a similar stance that almost all tokens are securities under longstanding laws, but said a small number of tokens might cease to be considered securities if they became broadly decentralized.
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