It's a brand new taprite regulator. Like this one.
I'm pretty positive that it's not CO2 in the flowing through the hose. Like I said I shut off the valves to the lines. That and as long as the regulator has pressure, it hisses. I could hear the keg fill in under a minute at 12 psi. This is very constant.
On the back of the regulator, I see a bunch of holes. I covered them in soap and there was no bubbling nor can I feel CO2. Are those holes the leak port? Forgive me, I'm new at this.