According to Odaily Planet Daily, the U.S. House of Representatives Financial Services Committee issued a statement criticizing the U.S. Securities and Exchange Commission (SEC) for its statement on the security of Ethereum (ETH), which contradicts the statement of the agency's chairman Gary Gensler. The U.S. Banking Commission said in the statement that they will continue to hold the SEC accountable for excessive regulation in the digital asset market. The SEC's classification of Ethereum is particularly important in the current application for the issuance of the first U.S. spot Ethereum ETF.