The House Financial Services Committee questioned the SEC's rulemaking, particularly regarding digital assets, during a hearing where all five SEC commissioners, including Chair Gary Gensler, appeared. Committee Chair Patrick McHenry criticized Gensler, calling the SEC a "rogue agency." Gensler reaffirmed using the Howey test to classify crypto tokens as securities, while Rep. Brad Sherman suggested new crypto regulations might not be necessary. Pro-crypto commissioners Hester Peirce and Mark Uyeda criticized the SEC's "regulation by enforcement" approach as inefficient. Source: Blockworks
