Yesterday, during the FED's interest rate announcement, the United States House Committee on Financial Services held a hearing titled: "Confusion and Chaos: Analyzing the Politicized Approach of the SEC to Digital Assets." In addition to the representatives, several leaders and commentators in the crypto market were also invited, including both supporters and opponents of crypto. Here are some highlights from yesterday's hearing: - **Clip 1:** Watch Representative Warren Davidson refute the false narrative that the SEC is acting in good faith and has simply made a mistake. The SEC has made many failed attempts to regulate the crypto industry, and time and again, the courts have opposed when SEC Chairman Gary Gensler has acted beyond his authority. - **Clip 2:** Watch: - Representative Ritchie Torres recalled when SEC's Gary Gensler was unable to answer whether a tokenized Pokémon card would be considered a security or not. The reality is, the SEC does not know when a commodity becomes a security. For example, why are artworks sold on eBay and in galleries not considered securities, but art on the blockchain (Non-Fungible Tokens) are? - Representative Wiley Nickel spoke about how all we get from the SEC is *hostility, aggression, and irrationality*. - Teddy Fusaro, the Chair of Bitwise, explained that crypto ETFs came too late, causing many investors to invest in third-party international companies and suffer losses when those companies went bankrupt. - The General Counsel of the RobinhoodApp spoke about the legal barriers they have faced from Gensler's administration. Of course, not everyone supports crypto. Representative Brad Sherman continues to spread the misinformation that the sole use case of crypto is for criminals. Overall, there were many positive opinions and clear explanations at the congressional hearing. There are supporters of the crypto industry, some who remain hostile, and many who are still confused about crypto—what it is, how big it can get, whether we need to focus on regulating it, etc. Many of you always ask: "Who is the winner in these congressional hearings?" To understand better, a congressional hearing is not a debate; it is an information-gathering exercise. In any industry and topic, we always have supporters and opponents. These hearings are not for them, as they have already made up their minds. They are for those who want to learn more so they can make informed decisions and vote on upcoming legislative proposals, such as the FIT21 for a crypto regulatory framework in the United States.