Wu said that according to FOX Business reporter Eleanor Terrett, U.S. Congressman Brad Sherman said: "The SEC is the primary agency to protect investors and is responsible for almost all other intangible investment assets. We can provide clear regulations, although I don’t think it is necessary, but we can pass an additional regulation to clarify that cryptocurrency is a security." At the same time, U.S. SEC Commissioner Hester Peirce directly refuted U.S. SEC Chairman Gary Gensler, who stated that the U.S. SEC has taken a legally inaccurate view when it comes to cryptocurrencies to cover up unclear regulatory issues: "I think we as regulators have failed in precision, so saying in a footnote, 'Yes, we admit that in fact the token itself is not a security' is something we should have acknowledged long ago and then started working to solve these problems."