Recently, a U.S. lawmaker accused SEC Chairman Gary Gensler of providing misleading information regarding the classification of Ethereum during a Congressional testimony. This accusation stemmed from a lawsuit filed by Consensys against the SEC, alleging inconsistencies in their treatment of Ethereum and other cryptocurrencies.

The lawsuit disclosed that the SEC had been investigating Ethereum's status as a potential security since March 2023, despite Gensler's evasive responses during the hearing. This uncertainty could have implications on the approval processes for Ethereum-related ETFs in the U.S., with spot Ethereum ETFs awaiting a decision expected in May.

Furthermore, the accusations highlight disparities in regulatory approaches to cryptocurrencies in the U.S. The outcome of Consensys's lawsuit might lead to a reevaluation of Ethereum's classification, influencing future regulatory decisions. Legislation like the FIT21 Act aims to clarify jurisdictional boundaries between the SEC and CFTC, potentially reshaping cryptocurrency regulations.

In response to these challenges, the lawmaker supports the FIT21 Act, set for a House vote soon, as a measure to address regulatory uncertainties in the cryptocurrency landscape.

For more information, you can refer to the original article on BH NEWS: Ethereum: Security or Commodity?