SEC Chair Gensler Faces Criticism and Defends Crypto Crackdown in Congressional Hearing.

During a contentious congressional hearing, SEC Chair Gary Gensler refused to say whether ether (ETH) is a security, stating that it depends on the facts and the law. Lawmakers questioned Gensler about the lack of regulatory clarity for crypto companies, with some criticizing the SEC's rule-making efforts and enforcement actions. However, Joshua Ashley Klayman, head of Fintech and Blockchain and Digital Assets at Linklaters, argued that Gensler's response was a positive sign for the industry, giving cover not just to ETH but also to other cryptocurrencies.