Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
U.S. Securities and Exchange Commission 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, 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.
According to the SEC's investigations manual, an investigation"is appropriate and necessary to determine whether a violation of the federal securities laws may have occurred or may be occurring," crypto attorney Grant Gulovsen pointed out to CoinDesk. It's not a finding in itself, so the SEC may not have made a formal determination on how ETH should be categorized.
"I agree with Consensys that if the SEC determined all offers and sales of ETH involved securities transactions it would be devastating to the entire crypto industry, but since the SEC hasn’t actually done that yet, why try to force the issue?" Gulovsen said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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