.SECGov Chairman Gary Gensler struggled in congressional testimony on Tuesday to say whether the popular cryptocurrency ethereum is a security or a commodity.
The tense exchange came as Gensler, who was appointed to lead the SEC by President Joe Biden, testified before the House Financial Services Committee on Tuesday. Committee Chairman Patrick McHenry said there is a lack of clarity on how ethereum should be regulated, but Gensler repeatedly demurred.
Financial Services Committee Chair @PatrickMcHenry asks @SECGov Chair @GaryGensler:"Is Ether a commodity or a security?" https://t.co/lOvv4tlixb pic.twitter.com/FX0kj5u3YIMcHenry pointed out that despite Gensler’s refusal to speak about individual cryptocurrencies, the SEC chairman has already spoken about bitcoin. He asked Gensler to address ethereum now as well.
“I think 'no' should be a very simple answer for you here,” the congressman said. “That uncertainty is bad, is it not?”
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