U.S. Republican lawmakers want SEC to develop regulatory framework for cryptocurrencies

Republican Congressman and SEC Commissioner Mark Uyeda stated that the SEC needs to consider proposing rules or guidance to regulate cryptocurrencies, rather than taking a more enforcement-focused approach. The Republican member stated that the SEC could have taken measures to assist in the development of laws regarding cryptocurrencies, but did not do so. "Unfortunately, the SEC did not take this approach, but instead took a case-by-case approach through enforcement actions. Therefore, it will take many years to establish any legally binding precedents, as matters need to go through a series of procedures before reaching the level of the appellate court for trial."