House Committee slams SEC Chair Gary Gensler over inconsistent approach to crypto regulation

On April 18, during a hearing on SEC oversight, Representative McHenry brought attention to the lack of clarity in digital asset regulation, criticizing the commission’s regulation by enforcement approach. He expressed concern about the “punishing” effect this approach had on digital asset firms without a clear compliance path.

McHenry also pressed SEC Chair Gary Gensler on whether Ether ETH should be classified as a security or a commodity, citing the need for regulatory clarity. However, McHenry repeatedly interrupted Gensler’s responses, pointing to the SEC chair’s classification of Bitcoin as a commodity.