Commissioner of the U.S. SEC: U.S. Cryptocurrency Regulation Resembles Playing "The Floor Is Lava" in the Dark; It's Time to "Turn on the Lights"

According to Cointelegraph, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated at the SEC "Know Your Custodian" roundtable meeting that American financial institutions handle cryptocurrency business as if playing "The Floor Is Lava" in the dark. Peirce explained that registrants of the U.S. Securities and Exchange Commission must treat activities related to cryptocurrencies as if they're playing "The Floor Is Lava." They aim to jump from one piece of furniture to another without touching the ground, where directly touching cryptocurrencies is the lava. "The Washington D.C. version of this game is our approach to regulating crypto assets, particularly crypto asset custody," she said. Due to unclear regulatory rules, companies wanting to engage in cryptocurrencies must avoid directly holding them. Hester Peirce stated, "It's time we find a way to end this game. We need to turn on the lights and build some walkways over the lava pits,"