According to recent reports from the United States, all five members of the Securities and Exchange Commission (SEC) will testify before the House Financial Services Committee next week. This event occurs during a period when SEC Chair Gary Gensler is under investigation for irregular hiring practices. Market analysts suggest that the discussion regarding Ethereum’s security status may be revisited during this testimony.
All SEC Commissioners to Testify
Fox Business reporter Eleanor Terret was the first to announce that all SEC members would testify next week. This marks the first time since 2019 that all five SEC members will appear together before the House Financial Services Committee. Additionally, SEC Chair Gary Gensler will testify separately in a session next Wednesday.
Recent reports allege that Gary Gensler violated federal laws by considering political affiliations in hiring processes. Legislators are concerned that the agency may have breached the 1978 Public Service Reform Act by prioritizing individuals with certain political views. Some sources suggest that the investigations could lead to Gensler losing his position.
Will the Ethereum Security Debate Continue?
Crypto attorney MetaLawMan expressed surprise at the presence of all commissioners for the upcoming SEC hearing. He wonders if House Financial Services Committee Chair Patrick McHenry will ask Gensler once again whether Ethereum (ETH) 
$3,375 is a security or a commodity.
Ethereum’s price has recently been declining, trading around the $2,300 mark. Some market analysts believe that ETH may have reached a low point, and accumulation by large investors could lead to a future rise in prices.
The upcoming testimony by all SEC commissioners is seen as a significant development for cryptocurrency markets and regulatory policies. The uncertainty surrounding Ethereum’s legal status is closely monitored by investors and industry representatives, as the SEC’s approach may determine the future of cryptocurrency regulations.
