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@WarrenDavidson - Warren Davidson 🇺🇸
The SEC has a structural problem, but it also has a Gary Gensler problem. #FireGaryGensler https://t.co/WbLsK1ve2X
Video Transcript AI Summary
Chair of the SEC, Gary Gensler, evades questions on whether Ether and Ethereum are commodities or securities. Despite claims of clarity in the market, he fails to provide clear answers to Congress. Accusations of avoiding oversight and rushing decisions are made, highlighting a lack of transparency in regulatory processes.
Full Transcript
Speaker 0: Today, we welcome the testimony of Gary Gensler, chair of the Securities and Exchange Commission. I'm asking you a specific question. Is ether a commodity or a security?
Speaker 1: And again, it depends on the facts and the law.
Speaker 0: I'm asking you a very simple question about the 2nd largest digital asset.
Speaker 1: Congress has said that there's one agency, the Securities and Exchange Commission under this committee.
Speaker 0: And you won't answer my question, and you're the head of that agency.
Speaker 2: What about Ethereum? Is Ethereum now a security?
Speaker 1: We had this I
Speaker 2: heard your exchange. They've been in place since 2015. You say in your statements that there's clarity in the market and the rules are clear. Just come on in. You can't even answer the question.
Speaker 1: Did you, the SEC, perform any of that cost benefit analysis internally? So the the SEC looked at, I think, over 6,000 public register So that's a yes? Issued statements. I would like to see those documents provided immediately. Are you willing to do that then?
I'm I'm a firm believer in congressional oversight. I know that I'm not. Sounds like we now have an understanding that you're going to actually send us your analysis. So I know that this Yes or no? Well, I know that our staffs are working with We have a minute.
Yes or no? And he I believe in congressional oversight, and I know the staffs are working. Moving on.
Speaker 2: You've shortcut a lot of the Administrative Procedures Act. It appears that what you're wanting to do is hurry things along before congress can have its new oversight. And you as an agency have chosen to stonewall, obfuscate, and not do your job.
Speaker 0: There's a lack of clarity here in the marketplace. Can you at least agree to that?
Speaker 1: I think that the clarity is there. The law is clear. Right?