In a rather audacious move, the esteemed Republican Representative William Timmons has taken it upon himself to beseech the chair of the US Securities and Exchange Commission, Paul Atkins, for a treasure trove of documents. These documents, he claims, will shed light on the agency’s historical treatment of Ether during the reign of its Biden-era chair, Gary Gensler. Ah, the intrigue! 📜
In a letter penned with the fervor of a man on a mission, Timmons implored Atkins for “specific documents” regarding the SEC’s “historical views on the status” of Ether (ETH). He argues that such revelations will illuminate the murky waters of the former leadership’s approach. Because, you know, clarity is overrated! 😂
“Under prior leadership, the SEC refused to articulate a consistent, coherent view on how it believed the securities laws apply to digital assets. Its zigzagging approach to ETH is a case in point,” the letter dramatically proclaimed. One can almost hear the sighs of exasperation echoing through the halls of Congress! 😩
Gensler “cast doubt” on ETH as chair
With a flourish, Timmons recalled that in the distant year of 2018, the SEC’s then-director of corporate finance, William Hinman, had declared that the agency would not treat Bitcoin (BTC) or ETH as securities. A bold proclamation, indeed! But alas, Gensler, in his chairmanship, seemed to revel in ambiguity, “casting doubt” on ETH’s status by dodging questions like a seasoned politician during an April 2023 congressional hearing. Classic! 🙄
“As would later be revealed, days before that testimony, the SEC had approved a formal investigation into whether ETH is a security,” Timmons noted, as if unveiling a plot twist in a gripping novel. 📖
Fast forward a year, and the SEC, in a surprising turn of events, approved Ether exchange-traded funds. Timmons quipped that this would only be appropriate if ETH is not a security. And just like that, the SEC closed its probe into ETH “a few weeks later.” Talk about a plot twist! 🎭
“These repeated swerves caused destabilizing confusion for millions of American crypto-market participants,” he lamented, as if he were the voice of the bewildered masses. Who knew crypto could be so dramatic? 😅
Letter adds to Coinbase FOIA action
But wait, there’s more! Timmons’ letter follows a Freedom of Information Act (FOIA) request backed by the ever-ambitious crypto exchange Coinbase in 2023, which sought documents about the SEC’s views on ETH. The SEC, in a fit of defiance, denied the request, prompting Coinbase to sue the SEC over alleged FOIA violations in June 2024. Oh, the audacity! ⚖️
A judge, in a moment of clarity, later ordered the SEC to disclose certain documents, thousands of which Coinbase posted online. One such document revealed that prosecutors in New York had unsuccessfully sought the SEC’s opinion on ETH. The drama continues! 🎬
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2025-06-11 10:06