According to news on April 19, the live broadcast of the U.S. SEC Gary Gensler’s House of Representatives hearing today began 40 minutes later. In his pre-announced testimony, he stated that “anything in the crypto market does not comply with securities laws” because most cryptocurrencies are securities. Almost all lawmakers have a pro-Crypto attitude, criticizing the current targeted enforcement and negative accusations against the industry, and the subtext requires Sec to first clarify the regulatory framework and allow crypto companies to gather in the United States as much as possible. No one except Gensler mentioned the risks posed by the highly speculative nature of cryptocurrencies. Gensler was unwilling to say which coins, including ETH, were securities despite repeated questioning. Although the SEC indictment accused a bunch of coins, including ETH, TRX, DASH, and ALGO, of being securities, it seemed that he knew that this topic would I don’t want to jump into the trap of causing controversy.
Many members of Congress criticized Gensler and the SEC for their poor supervision of FTX and LUNA, and believed that the SEC is now too strict with onshore and compliant Coinbase and Paxos, but too lax with offshore ones. This has led to a lose-lose situation for both American investors and companies, and they asked the SEC to review and hold Gensler accountable. One member of Congress said that investors should be allowed to make their own choices to protect them, and you should not make judgments for investors just because you say that something is risky. One member of Congress sarcastically said that Gensler could not justify the cryptocurrency without holding any coins.
Earlier today, it was reported that the chairman of the U.S. SEC refused to give a clear answer as to whether ETH is a commodity or a security.
