U.S. SEC Commissioner: The SEC has taken a legally inaccurate stance on cryptocurrency

ChainCatcher news, according to FOX Business reporter Eleanor Terrett, SEC Commissioner Hester Peirce directly rebutted SEC Chairman Gary Gensler during a hearing held by the House Financial Services Committee, stating that the SEC has taken a legally inaccurate stance regarding cryptocurrencies to cover up issues of regulatory ambiguity:

"I think we as regulators have failed in precision, so to say in a footnote, 'Yes, we acknowledge that this token itself is not actually a security,' is something we should have admitted long ago, and then start addressing those difficult questions."