Crypto Users Demand SEC, Chair Accountability Over 'Misleading' ETH Stance; Congress Sets Hearing

For launching a probe into the Ethereum blockchain over its status as a security then weeks later refusing to directly designate Ether as a security during a Congress hearing, the crypto community wants the SEC and its chair Gary Gensler to be held accountable. (Credit: AFP)

KEY POINTS

• The Committee said Tuesday that designating ETH as a security at this point contradicted the SEC's previous statements
• Crypto users demand action, not words in holding Gensler and the agency accountable for misleading statements
• Consensys' filing revealed that the SEC approved a probe into Ethereum over its status as a security

The U.S. Securities and Exchange Commission (SEC) and its chair Gary Gensler are in hot waters following the revelation by blockchain tech firm Consensys that the regulatory agency already deemed Ether (ETH) as a security since last year but did not inform Congress when asked during a House Committee on Financial Services hearing.