According to FOX Business reporter Eleanor Terrett, Rep. Brad Sherman first brought up the topic of cryptocurrencies after Patrick McHenry, chairperson of the U.S. House Financial Services Committee, spoke. Sherman said: "The SEC is the primary institution for investor protection and has responsibility for almost every other intangible investment asset. We can provide clarity, although I don't think it's necessary, and we can make it clear through additional regulations that cryptocurrencies are a security."