ChainCatcher news, according to FOX Business reporter Eleanor Terrett, SEC Commissioner Hester Peirce directly refuted SEC Chairman Gary Gensler at a hearing held by the House Financial Services Committee, saying that the SEC took a legally inaccurate view when it came to cryptocurrencies to cover up unclear regulatory issues:

"I think we as regulators 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 admitted long ago, and then started to deal with those difficult issues."