Because of a lack of written legislation dealing with crypto assets, deciding how to regulate them has been left up to the regulatory bodies and not the citizens up until now. There isn’t anything wrong with the SEC enforcing laws in the way it best sees fit; the problem lies in the fact that we, the public, have not given the SEC the appropriate laws to enforce and implement.
So we need to pass legislation, but what does it look like and how do we do it?
via How To Save Crypto Through Thoughtful Regulation.
