Obsidian - pretty much right on que...
https://www.foxbusiness.com/markets/new-court-filings-show-sec-chair-gensler-believed-ethereum-was-security-for-at-least-year
Again, please do not blame me, or take this personally. I am simply telling us here what the law is. Whether the law should be changed or not, and whether you like the outcome of the current laws being applied, is of course a separate matter. But the law is the law - and for us as investors we really need to take note and understand this.
Whatever he thinks is irrelevant. He does not get to decide this. It will be up to the courts if they decide to go that route. That Fox Business article also makes a lot of assumptions. They are assuming he thought it was a security because of Consensys suing the SEC. But that's just how they are reading it. They don't have the official word from Gensler himself.
He has also now been accused of misleading Congress on Ethereum.
Some think Consensys suing the SEC was a chess move to put pressure on Gensler. The Hong Kong ETH ETF is also considered to be a move to put pressure on the US SEC.
https://www.coindesk.com/policy/2024/04/30/houses-mchenry-accuses-sec-chief-gensler-of-misleading-congress-on-ethereum/House's McHenry Accuses SEC Chief Gensler of Misleading Congress on Ethereum
The chairman of the House Financial Services Committee says Gensler refused to discuss his view on ETH in testimony even after the SEC was investigating it as a security.
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee, who said Gensler's agency already knew it considered Ethereum's ether a security before he attended a hearing and declined to answer that question.
"Chair Gensler refused to answer questions regarding the SEC's classification of ether," McHenry said in a statement posted on X. "New court filings show this was an intentional attempt to misrepresent the commission's position."
The classification of (ETH), the second-largest cryptocurrency by market cap, is a major question hanging over the U.S. oversight of digital assets, and it's being fought on multiple legal fronts. If ETH is a security that should be registered and regulated by the SEC, then many other tokens may also fit that definition.
Documents in Consensys' newly filed lawsuit against the SEC describe how the agency was pursuing an investigation into the nature of ETH days before Gensler testified in April 2023. Consensys is suing the agency ahead of an expected SEC enforcement action.
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