Rep. Timmons asks SEC for docs on agency’s past approach to Ethereum

Republican Representative William Timmons has asked US Securities and Exchange Commission seat Paul Atkins to crook implicit documents connected the agency’s humanities attraction of Ether nether its Biden-era chair, Gary Gensler.

Timmons asked Atkins successful a letter connected Tuesday for “specific documents” connected the SEC’s “historical views connected the status” of Ether (ETH), which helium argued volition assistance the nationalist and Congress recognize the erstwhile leadership’s approach.

“Under anterior enactment the SEC refused to articulate a consistent, coherent presumption connected however it believed the securities laws use to integer assets. Its zigzagging attack to ETH is simply a lawsuit successful point,” the missive read.

Gensler “cast doubt” connected ETH arsenic chair

Timmons noted that successful 2018, the SEC’s then-director of firm finance, William Hinman, said the bureau wouldn’t dainty Bitcoin (BTC) oregon ETH arsenic securities.

However, helium claimed Gensler, arsenic chair, “cast uncertainty connected ETH’s presumption by repeatedly refusing to reply questions astir whether the SEC views ETH arsenic a security” during an April 2023 legislature hearing.

“As would aboriginal beryllium revealed, days earlier that grounds the SEC had approved a ceremonial probe into whether ETH is simply a security,” Timmons wrote.

Source: William Timmons

A twelvemonth later, the SEC approved Ether exchange-traded funds, which Timmons said “would beryllium due lone if ETH is not a security,” and the SEC closed its probe into ETH “a fewer weeks later.” 

“These repeated swerves caused destabilizing disorder for millions of American crypto-market participants,” helium added.

Letter adds to Coinbase FOIA action

Timmons’ missive follows a Freedom of Information Act (FOIA) petition backed by crypto speech Coinbase successful 2023, which asked the SEC for documents astir its views connected ETH.

Related: SEC eyes exemption model to boost crypto innovation

The SEC denied the request, starring Coinbase to writer the SEC implicit alleged FOIA violations successful June 2024.

A justice aboriginal ordered the SEC to disclose definite documents, thousands of which Coinbase posted online, 1 of which shows that prosecutors successful New York unsuccessfully asked the SEC for its sentiment connected ETH.

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