US SEC commissioner: Howey test used to measure whether encrypted assets are securities has limitations

According to Decrypt, Hester Peirce, commissioner of the U.S. Securities and Exchange Commission (SEC), said that the Howey test used to measure whether encrypted assets should be classified as securities has limitations. “A lot of these initial sales do look like securities offerings, but the question is, is that token, or the crypto asset itself, a security? I think people answer that differently.”