After years of tormenting the crypto industry, the SEC boss, Gary Gensler, is under heavy fire. The Chair was recently torched by the US Congress members for shilling Algorand previously.
Gary recently attended a court hearing where the congressmen asked the Chair about ETH. The 5-minute grilling session started with Gary facing the question “of whether ETH is a commodity or security.”
As expected, the SEC Chair did not provide a straight answer to the question. The genuinely confusing answer by Gary highlighted the state of the regulatory body in recent times. The internet was not forgiving either, as the video of Gary’s hearing went viral instantly.
Many people tagged the SEC asking why the Chair could not provide an easy and immediate answer. If the law was clear, there should have been a simple answer to the question, added the tweets.
Gary was found making statements like “Crypto is a fast-paced industry, so it’s difficult to keep track of everything” throughout the hearing. This did not bode well with Congress members as they attacked the SEC Chair for lacking transparency while establishing compliance rules.
Tom Emmer, the Republican Congressman, went as far as to call Gary an incompetent cop on the beat. Emmer continued to accuse the SEC of shoving American firms into the CCP’s (Chinese Communist Party) hands.
After the latest torching session of the SEC boss, the crypto industry is expecting some market support. The recent jump in BTC’s price is a testament to the sentiment.