Well, both contain fire retardant, though the crepe paper doesn't specify which fire retardant ("Components of construction: Cellulose, Dye, Fixative, Flame Retardant, Ink (printed streamers)"). Borax/borate buffer solution is the cheapest and certainly the least-toxic retardant, and is used in paper-production adhesives as well, so at a SWAG I'd guess that's what the crepe paper contains. As to the dyes, fixatives, etc., I don't have any idea as to what's used.
Many/most types of paper go through very similar manufacturing processes. I'm not saying that dog barf is any better than crepe paper, but based on the MSDS for crepe paper, it appears that it's no worse, at least from a hazardous-chemical standpoint.
Best -- Terry