Fox Business correspondent Eleanor Terret revealed that SEC members will testify before the House Financial Services Committee.
This will be the first time since 2019 that all five SEC members will testify before Congress at the same time. Therefore, this is a very notable event in the crypto market. SEC Chairman Gary Gensler had previously stated that ETH could have security status.
SEC Chairman Gary Gensler is also scheduled to testify in a separate hearing next Wednesday.
While analysts note that the debate over Ethereum’s security status may resurface during these testimonies, they also expect the SEC to clarify its views on ETH’s security status during these testimonies.
“The five-member SEC is set to testify before the House Financial Services Committee next Tuesday. This will be the first time since 2019 that not just the SEC chairman but the entire committee will testify together.
Gary Gensler himself will testify alone before the Senate the next day, Wednesday.”
Cryptocurrency lawyer MetaLawMan expressed his surprise that the SEC chairman and all of its members will testify, and wondered whether House Financial Services Committee Chairman Patrick McHenry would ask SEC Chairman Gary Gensler again whether Ethereum (ETH) is a security or a commodity.
It was also reported that former SEC members Dan Gallagher and Michael Liftik are also expected to testify at the hearing.
*This is not investment advice.