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Coin Circle (120btc.COM) News: Gary, Chairman of the U.S. Securities and Exchange Commission (SEC)
Gensler has recently been controversial due to his tough regulatory attitude towards the cryptocurrency industry and out-of-control remarks. Some members of the U.S. Congress even proposed a proposal to "remove Gensler."

Against this background, Gensler was summoned to Congress yesterday evening (18th), asking him to explain the SEC’s actions in regulating the cryptocurrency industry (the hearing was fully replayed on Youtube.)

 **Gensler declined to answer whether Ethereum is a commodity or a security**

According to relevant reports, at this hearing, Gensler reiterated his regulatory position: he believed that cryptocurrencies belong to the category of securities and should be regulated by current securities laws; but paradoxically, Gensler refused to respond directly when questioned, "Ethereum is Commodities or securities," using a vague phrase: it depends on the legal facts.

In addition, Congressional Chairman Mc Henry also questioned Gensler's behavior and doubted whether the SEC has profited from frequent enforcement actions because the SEC currently has not established enforcement operation regulations for stakeholders.

“It is unreasonable to punish cryptocurrency companies without clarity on how stakeholders should comply with the rules, and this type of regulatory action is unsustainable. … Republican lawmakers also received a letter opposing Gensler ahead of their testimony today. "

 **Genser praises ALGO with the front foot, but blocks it with the back foot**

Just yesterday, the double-faced incident of Genser was discovered. In the past, he was a professor of global economics and management practices at the Massachusetts Institute of Technology (MIT), and he repeatedly praised the technology of the blockchain project Algorand in class.

In a video that went viral on Twitter recently, Genser can be seen calling Algorand an "excellent technology" at the time and thinking about whether a "high-performance" smart contract network can integrate Uber or Algorand on its platform. Apps like Lyft.

But ironically, when Genser became the chairman of the SEC, the agency sued Algorand’s native token ALGO on April 17, charging that the token should be registered as a securities and challenging the Algorand Foundation’s initial issuance of ALGO in June 2019. Coin Offerings (ICOs) were questioned. The reversal of attitude has attracted criticism from the community.