SEC Board Chairman Gary Gensler declined to answer questions about whether Ethereum (ETH) is a commodity or a security. What’s more, in a hearing before the House Financial Services Committee, it also looked at the SEC’s regulatory potential in regulatory action taken against the digital asset industry.
In his testimony, Gensler reiterated his opinion that crypto assets are compatible with existing securities laws. by answering only that “It depends on the facts of the law.”
Chairman McHenry noted that the SEC has taken 50 different enforcement actions against the digital asset industry. It also does so without setting clear operational guidelines for stakeholders.
“Punishing crypto companies with unclear rules about how they should be followed is extremely inappropriate.”
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