Gensler’s reluctance to comment on the regulatory status of Ethereum became a focal point for Republican lawmakers this year. After sidestepping questions, House Financial Services Chair Patrick McHenry (R-NC) accused Gensler of trying to mislead Congress. 

A lawsuit filed by the Ethereum software firm Consensys alleged that the SEC had launched an investigation into Ethereum, internally viewing the asset as an unregistered security. Consensys later said the regulator had dropped the investigation following the approval of spot Ethereum ETFs. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)