Harsh words for Gary Gensler from the chairman of the Financial Services Committee: He misled us too

In some documents that were released yesterday in the case between the SEC and Consensys, it was seen that the regulator has been considering Ether as a security for at least 1 year, while Patrick McHenry, chairman of the Financial Services Committee, reacted harshly to this situation. The Republican Congressman stated that Gensler misled both the courts and them and that they saw from the court documents that he did it on purpose.

Harsh words for Gary Gensler from the chairman of the Financial Services Committee: He misled us too

In the court documents of the lawsuit filed by Consensys, the company behind the Metamask wallet, to the US Securities and Exchange Commission (SEC) last week, it was revealed that the institution has been considering Ether as a security for at least a year. There was a reaction to this situation from the Financial Services Committee of the US Congress.

Patrick McHenry, a member of the Republican Party, who is the chairman of the Committee, accused SEC chairman Gary Gensler of knowingly and willfully manipulating the US courts.

“Another example of the arbitrary and capricious nature of the agency’s regulation”

Speaking to Fox Business correspondent Eleanor Terrett of the US media, McHenry had harsh words for the SEC and Gensler:

“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. 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.”

“Leaving American consumers unprotected”

McHenry also stated that the law proposal prepared by members of Congress from both parties and drawing a clear roadmap in cryptocurrencies should pass through Congress as soon as possible and used the following statements:

“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.”

He was almost scolded

At the Financial Services Committee meeting held last year and attended by Gary Gensler, Gary Gensler persistently left McHenry’s questions about both Bitcoin and Ether unanswered.

McHenry, on the other hand, almost scolded Gensler with his harsh words.

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