Patrick McHenry actually said...

"The SEC has put forward this memo; it is binding on the staff to actually look at the costs and the benefits of rulemaking."

"I appreciate your prompt action on cost-benefit analysis, and the draft guidance that you have put forward."

"Well, crowdfunding is still not allowed because we are still waiting for the SEC to write regs by the end of the year, so----"

"The idea of having light-touch regulation on the intermediary and regulate this security in a very different way."