U.S. SEC officials urge SEC to establish regulatory framework for cryptocurrency sector

Hester Peirce of the US Securities and Exchange Commission (SEC) has expressed opposition to the regulatory agency's actions towards the cryptocurrency industry. Peirce criticized the SEC's enforcement action against LBRY blockchain company, calling the decision to sue LBRY "puzzling" because the complaint did not include allegations of fraud, and there was no evidence presented during the case to suggest that the blockchain company engaged in fraudulent behavior. Peirce also stated that there is no clear agreement for blockchain companies like LBRY to register their token products with the SEC, as the applicability of securities laws to cryptocurrency projects is still unclear. If a company is able to register its token issuance, Peirce describes this action as "not particularly useful effort." Peirce suggested that the SEC could redeploy its resources to develop a clear regulatory framework applicable to cryptocurrency projects like LBRY instead of suing LBRY.