Do you care about Crypto? More specifically, Ethereum or more generically, the overstep and abusive power of a government agency. I Don't know. Let's just call it the SEC because if so, you are going to want to listen up. As I'm filming this, the chairman of the SEC Gary Gensler is being absolutely grilled, absolutely annihilated.

Absolutely embarrassed by Congress Now within this testimony, there's a lot of highlights, but the question that turned it into an absolute clown show was a simple one. Is Ether a security or is Ether a commodity? you have to see for yourself everything else that transpired Well, thank you, Chair Gunzer I'll now recognize myself for five minutes. Ether is one of the most popular digital assets and powers of Ethereum blockchain back in 2018 then SEC Corporation Finance Director: Bill Hinman stated they believe Ether was not a security. Last month, Chair: uh, Benham expressed his view that Ether is a commodity.

Uh, the State Attorney of New York asserted in a court filing last month that Ether is a security. Clearly, an asset cannot be both a commodity and a security. Do you agree? Um. I I Before we let him respond, there's a couple of things that I want you to notice.

First of all, always look for vague answers, deflection of question, and also look at Gensler physically as you're going to see throughout this very small clip. he's shaking quite a bit. so I don't know if he didn't get enough sugar this morning or if he's nervous or doesn't feel comfortable in his answers. It's just wild in its entirety.

Actually, all Securities are commodity under the Commodity and Exchange act. It's that we are excluded Commodities But I would agree that a security cannot be also an excluded commodity and an included commodity I'm sorry chair, just to talk about the Commodity Exchange Act more precisely, vagueness. Okay, so do you recognize, uh, how would you categorize Easter Then right there. super straightforward.

how would you categorize ether? Just tell me straight up: what do you as the chairman of the SEC actually think I Think that the general sweep of what Congress did not just in the 30s, but as a mandator. I'm asking you, you're setting your chair now to make an assessment under the laws, as exists, is either a commodity or a security without speaking to anything I Know you've repeatedly said you're not going to speak to one except you've spoken to one Bitcoin So I'm asking you to speak to a second one, the second largest market cap here, and speaking to the tokens, there's 10 to 12 000. If there's a group of entrepreneurs, I'm asking about one. Public is anticipating a profit based on the I'm asking a specific question chair.

Gensler I said this in private. It should be no shock to you. I'm asking this question: is it is Ether a commodity or security and again, it depends on the facts and the law. And if there's a group of I'm asking about the facts and a law sitting in your seat And the Judgment you are making I Absolutely love this part.

The Chairman of the SEC when asked the question a simple question is either a security or commodity says it depends on the facts and the law. This is a congressional testimony. The person who's supposed to be interpreting the facts in the law and apply it. it is here you have the Chairman of the SEC is he speaking with Congress Who else is supposed to answer this for anyone residing in the U.S Absolutely blows my mind.

And so uh, Mr chair I Think you you would not want me to prejudge because you have prejudged on this. you've taken. you've taken 50 enforcement actions we're finding out as we go as you file suit as people get Wells notices on what is a security in your view and your agency's view. I'm asking you a very simple question about the second largest digital asset, what is your view and my view is if there's a group of individuals in the middle middle that the do you think it serves the market for an object to be to be viewed by the Commodities regulator as a commodity and the Securities regulator to be viewed as a security.

Do you think that provides safety and soundness for for for the product? Do you think it provides consumer protection? Do you see, do you think it serves the value of innovation? I Think no Should be a very simple answer for you here. I Think that uncertainty is bad, is it not? and I think that Congress has said that there's one agency that secured as an Exchange Commission under this committee. You won't answer my question and you're the head of that agency. So give me a break.

Come on. I'm answering it in the generic because you would not want me to speak about any one set of facts. and Circumstance Okay, so well, who's gonna? you've already spoken. Have you said anything about Bitcoin Uh, the my predecessors and the agency itself has spoken to them.

Okay, but you're not willing to do the same about Ether. Okay, so let me just step back. There's a lack of clarity here in the marketplace. Can you at least agree to that? I Think that the clarity is there.

The law is clear, that right, there's a group. Let me. let me. let me be explicit about this: The market doesn't see it.

Your regulatory actions and the Cftc's regulatory actions say that there's a great deal of uncertainty here. It is the intention of this committee to fix that uncertainty and actually, uh, provide a sound legal basis for this. Absolutely amazing. Avoiding all of the questions with vagueness, indirection, and also just giving a Tldr version of the Howie test and the general training investing public is no more protected.

The reason I'm bringing that up is because of the final questions of yeah, this uncertainty is not good for markets and obviously the SEC should be caring about that because their job is to protect everyone involved in said markets. except we're now in a situation where they're the ones prompting uncertainty and then we're not getting anywhere closer to figuring out what's going on because the organization that's in charge of actually getting us to a solution refuses to answer any questions that is the state currently of the Securities Exchange Commission in the U.S It blows my absolute mind. With that being said, I'm still happily invested in both Bitcoin and Ethereum. but I am getting very concerned of how the SEC and the Cftc is handling this whole situation, so obviously fingers crossed that we get to some sort of reasonable solution in a timely manner.

But I don't know if I would necessarily bet on that when it's involving the US government. But obviously, with all that being said, let me know your thoughts in a comment below: Do you agree with me or do you think I'm completely off base? I would love to hear from you.