News Explorer — Lawmakers Say Crypto Turf War Between SEC and CFTC Is an 'Industry-Fueled Narrative'

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Lawmakers Say Crypto Turf War Between SEC and CFTC Is an 'Industry-Fueled Narrative'

Wednesday's joint hearing on Capitol Hill sought to measure the regulatory gaps in crypto. The criteria for determining whether a token should be considered a security or a commodity highlighted the wide gaps. Republican and Democratic lawmakers disagreed on whether new regulation was needed, with Rep. Dusty Johnson (R-SD) calling for action. The Howey Test, a four-pronged assessment by the SEC, was discussed, as well as the difficulty of finding a dividing line between a security and a commodity. Rep. Stephen Lynch (D-MA) suggested that the focus should be on the intermediaries that facilitate tokens.