According to Blockworks, members of the U.S. House Financial Services Committee questioned the leadership of the Securities and Exchange Commission (SEC) on Tuesday, asking for an explanation of the agency's agenda and rulemaking, especially those involving digital assets. This is the first time that five SEC commissioners have attended a committee hearing together since 2019. SEC Chairman Gary Gensler attended with commissioners Caroline Crenshaw, Jaime Lizárraga, Hester Peirce, and Mark Uyeda. Gensler reiterated that the SEC relies on the Howey test to determine whether an asset class is available to the public. Commissioners Peirce and Uyeda objected to the SEC's blockchain-related enforcement actions, arguing that this strategy of "regulation through enforcement" is inefficient and not conducive to investor protection. Recently, they co-authored an article opposing the SEC's actions against Flyfish Club, claiming that it violated securities laws.