According to Odaily Planet Daily, FOX Business reporter Eleanor Terrett published an article on the X platform, revealing that U.S. SEC Commissioner Hester Peirce said she was partially responsible for the way the agency interpreted the Howey test in terms of cryptocurrency.

“I’m partly to blame for this,” Peirce said. “What I could have done differently was help provide more legal clarity ... This is a cautionary tale for other regulators. I think the SEC and the industry have a lot of work to do.”