“The persistence of both self-regulation and calls by the crypto community for clarity from government regulators suggest that lawlessness is not the prevailing culture of the crypto frontier.”

“We have done little during my nearly four years on the Commission to explain what [crypto compliance] would look like… deeming digital assets to be securities means that platforms that trade them… have to register with us, but they cannot operate as a registered entity under our existing rules so they [are not] able to register.”

“If we intend to demand registration of entities in the crypto space, we have to give our staff the permission to do the hard work of figuring out how the rules will apply given the unique aspects of the business and to seek broad public input through a transparent regulatory… process.”

“[Crypto] businesses have little visibility into what regulators expect of us [and] positions regulators take often aren’t applied in ways that seem consistent or equitable… A new framework for how we regulate digital assets will ensure that innovation can occur in ways that are not hampered by the difficulty of transitioning from our legacy market structure.”