US House committee chair repeatedly presses Gary Gensler: ‘Is Ether a commodity or a security?’
Patrick McHenry, chair of the United States House Financial Services Committee, jumped right into criticism of the Securities and Exchange Commission and its leadership over digital assets at an oversight hearing.
In an April 18 hearing on oversight of the SEC, Representative McHenry used his opening statement to bring up the commission’s “punishing” of digital asset firms through regulation by enforcement without a clear path to compliance. The member of Congress reiterated calls for U.S. lawmakers to provide “clear rules of the road” for crypto through legislation. In addition, he pressed SEC Chair Gary Gensler to give a definitive answer on whether Ether (ETH) qualified as a security under the SEC’s purview or a commodity under the Commodity Future Trading Commission’s.