TechFlow reports that U.S. House Financial Services Committee Chair Patrick McHenry has accused SEC Chair Gary Gensler of making misleading statements to Congress regarding the classification of Ethereum. McHenry posted on social platform X that Gensler refused to answer questions during a congressional hearing about how the SEC classifies Ethereum, but newly revealed court documents indicate the SEC intentionally attempted to distort its position.
According to filings from a new lawsuit brought by Consensys against the SEC, the agency had already begun investigating the nature of Ethereum several days before Gensler's April 2023 testimony. The SEC has not yet responded to McHenry's allegations.
Industry lawyers note that the SEC's investigation into whether a project violates federal securities laws does not in itself constitute a formal policy stance.
