ChainCatcher news, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated that the Howey test used to determine whether digital assets should be classified as securities has its limitations. She said, "Many of these initial sales do look like securities offerings, but the question is, is that token or crypto asset itself a security? I think people have different answers to that."It is reported that since Peirce joined the SEC in 2018, she believes that despite extensive dialogue and efforts to better understand crypto technology, there has been "no real positive progress" in crypto regulation, and the government's inaction is affecting how people operate in the crypto space. (Decrypt)