I probably should not respond to this, but I am going to for the sake of the peanut gallery. The following are all crypto assets: 1 - Tokenized money market funds 2 - Tokenized bank deposits 3 - Tokenized gold 4 - Bitcoin 5 - Art 6 - Music 7 - Complex derivatives 8 - Tokenized stocks It is trivial to understand that neither all of those nor none of those are securities. The blinkered approach of the 2020-2024 SEC that attempted to claim all tokens were securities is just as dumb as saying no tokens are securities. Similarly, notice that I said tokenized bank deposits, which should probably give someone an idea about why, you know, the Banking Committee might be looking at this. Or are we trying to argue that JPMD is not a banking product, because, wow, boy, damn, you might want to check with the OCC and the Fed (and the 1933 banking act) about that one first? It should be trivially obvious to anyone that "tokens" is about as useful a descriptor as "financial instruments" (even less specific, in fact), and that clear rules of the road about taxonomy, design, handling, and more would be exceptionally beneficial across a number of verticals, before we even get to things like the BRCA (and, again, why is it a question than Bank Secrecy Act related questions are being handled by the Banking Committee!?). Then again, what do we expect from the team that missed all of FTX, Luna, 3AC, Celsius, BlockFi, and more but managed to stop the horrific scourge of (checks notes) Stoner Cats and, to add insult to injury, suffered the only contempt finding in the entire history of the SEC thanks to their insane bumbling and borderline criminality in a case?