The head of the US House Financial Service Committee Potentially refers to the claims performed by ans in the Proof of Effort in the existing lawsuit regarding the SEC featuring the charges that it is misleading the U.S. Congress over its attempt to consider the key crypto-coin Ether as a security and therefore require SEC’s jurisdiction.
Lawmaker’s accusation of deceit
A post on Twitter titled by the Gibb person, Representative McHenry, said that Gensler had lied to Congress in his or her testimony before the Committee. A US lawmaker specifically mentioned documents entered into the recent proceedings involving software-producing company Consensys, which filed an action in the US District Court for the Northern District of Texas on April 25 to challenge the standard on blockchain on the grounds of cryptocurrency deemed security. The present action first raised public inconsistencies in the SEC’s approach to cryptocurrencies taken as securities, specifically Ether.
Conflicting evidence emerges
Apart from that, the redacted parts of the filing document were accessed on the court docket on 29th April, proving that the SEC has investigated ETH since the start of March 2023. In April 2023, Gensler, an SEC chairperson, interacted with McHenry, the special lawmaker who represents North Carolina, where they were interrogating him on whether ETH security is under the Commission. The fact that he came out to testify shortly after the SEC presumably already considered whether Ether constituted security reinforces this account.
According to McHenry, committee members, “an asset is leaving no room for someone to be both a commodity and a security.” “I’m beseeching you; who’s closing your eyes now is either a commodity or a security?” An Irish proverb says: “We cannot enjoy our happiness if we see others suffering.” In October last year, the SEC approved funds tied to Ethereum futures, and, guided by previous experience in spot Bitcoin ETF, which were all approved, it is projected to have May approval on spot Ether ETF.
McHenry seized this as an avenue through which he called on the politicians to back up the billing of FIT21 so that the two regulatory commissions could agree on a set operating procedure. The act passed through the committee in July last year and is set for a full floor vote in the House of Representatives.
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