While the revolutionary technology underpinning the digital asset industry has become more established, the rules U.S. regulators have used to police the industry are outdated. The White House is starting to notice, issuing a March 9, 2022 Executive Order directing federal agencies to recommend policies and regulations to address the growing digital asset sector, thus far, the industry has not seen significantly evolving regulation. For example, one question often asked in this space is whether digital assets are securities regulated by the U.S. Securities and Exchange Commission pursuant to the Howey test—a 1946 case involving an investment in orange groves—or are they mediums of exchange regulated by the U.S. Commodity Futures Trading Commission.