Patrick McHenry, chairman of the US House of Representatives Financial Services Committee, accused Securities and Exchange Commission Chairman Gary Gensler of “Intentionally misled Congress” by regulators’ attempts to classify Ether as a security
In the April 30th post of X, Rep. McHenry claimThat Gensler intentionally misled lawmakers in his testimony before the committee, McHenry cited claims made in a recent court filing from software development company Consensys that filed the lawsuit against the committee. US Securities and Exchange Commission on April 25
Consensys’ lawsuit in the U.S. District Court for the Northern District of Texas Highlights the inconsistency of the US SEC’s approach to digital assets as securities, especially Ether.
Gensler appeared before the House Financial Services Committee in April 2023, deliberately dodging a direct question from McHenry about whether Ether falls under the purview of the SEC or the Commodity Futures Trading Commission (CFTC).
“Clearly, such an asset cannot be both a commodity and a security,” McHenry said at the committee hearing.
McHenry also used the opportunity to urge lawmakers to support passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act to create clearer rules between the CFTC and the SEC.
refer : cointelegraph.com
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