According to PANews, U.S. Senator Cynthia Lummis of Wyoming believes that SEC Chairman Gary Gensler may resign next year. She said on CNBC's Squawk Box program, especially if Trump is elected president.

Lummis also said that Gensler did not fully recognize that Bitcoin and Ethereum are commodities. She believes that other cryptocurrencies may also be commodities, but they need to be clearly defined and the Howey test can be used.

Notably, Gensler reiterated on Squawk Box that the SEC considers Bitcoin a commodity, but did not comment on Ethereum’s status during the congressional hearing.