Gary Gensler, Chair of the Securities and Exchange Commission (SEC), recently faced questioning by US Congress members about the classification of Ethereum (ETH) as a commodity or a security. The hearing lasted five minutes, with Gensler offering a confusing and unclear response to the question. The SEC Chair was criticized for a lack of transparency in establishing compliance rules and referred to as an “incompetent cop on the beat” by Republican Congressman Tom Emmer. The crypto industry hopes that the SEC will offer more market support following the recent scrutiny of Gensler. BTC’s recent price jump indicates positive sentiment.
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