US Lawmaker Slams SEC’s Investigation of Ethereum — Says Chair Gensler Intentionally Misled Congress

The chairman of the U.S. House Financial Services Committee, Patrick McHenry (R-NC), issued a statement criticizing the U.S. Securities and Exchange Commission’s regulation by enforcement on Monday following the news of the SEC initiating an investigation into ethereum, alleging that ETH may be a security.

“Just months after a federal judge sanctioned SEC enforcement lawyers for lying to the court, new evidence shows Chair Gensler himself misled Congress. In testimony to the Financial Services Committee last April, Chair Gensler refused to answer questions regarding the SEC’s classification of ether. New court filings show this was an intentional attempt to misrepresent the Commission’s position,” McHenry stated, adding:

Classifying ether as a security contradicts previous statements of the SEC and Chair Gensler — yet another example of the arbitrary and capricious nature of the agency’s regulation by enforcement approach to digital assets.

“This episode underscores the urgency of Congress passing the bipartisan FIT for the 21st Century Act to provide a clear regulatory framework and robust consumer protections for digital asset markets. Committee Republicans will continue to hold Gary Gensler’s SEC accountable for its regulatory overreach that is stifling innovation, leaving American consumers unprotected, and risking our national security,” the congressman noted.

Earlier this month, McHenry highlighted that bitcoin is unstoppable, noting that every attempt to suppress the cryptocurrency has been unsuccessful. In addition to the FIT for the 21st Century Act, which cleared his committee in July last year, McHenry referenced the Clarity for Payment Stablecoins Act, also passed by the House Financial Services Committee in July last year. He emphasized that these legislative measures could offer increased clarity for the crypto sector in the U.S.

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