U.S. SEC Commissioner: The SEC needs to propose rules or guidance for regulating cryptocurrencies, rather than taking direct enforcement actions

ChainCatcher news, SEC Commissioner Mark Uyeda stated that the SEC needs to consider proposing rules or guidance for regulating cryptocurrencies, rather than taking a more enforcement-oriented approach. The SEC has not taken steps to help formulate laws for cryptocurrencies, but has instead adopted a case-by-case approach through enforcement actions, meaning that achieving any type of legally binding precedent will take years, as matters need to go through the courts before reaching the appellate court.