On August 29, Forbes reporter Eleanor Terrett wrote on the X platform that Hester Peirce, commissioner of the U.S. SEC, said she was partially responsible for the way the agency interpreted the Howey test in terms of cryptocurrency. Peirce said: "This is partly my fault. What I could have done differently was to help improve legal clarity... This is a warning to other regulators. I think the SEC and the industry as a whole have a lot of work to do."