SEC Commissioner Crenshaw described cryptocurrency regulation as a "brick-breaking game," expressing concerns about industry risks

ChainCatcher News, Caroline Crenshaw, the only Democratic commissioner of the U.S. Securities and Exchange Commission (SEC), stated at the SEC Speaks event that the agency's approach to regulating the crypto industry is akin to playing a game of "Jenga." This dangerous dismantling of rules for crypto and the broader market could undermine the SEC's credibility. She warned that the SEC has effectively reversed rules through staff guidance without proper analysis or public input, particularly in the crypto space.

Crenshaw also mentioned that the SEC has abandoned enforcement actions in the crypto market, leading to a state of "non-enforcement regulation." She believes this "major turnaround" not only damages the SEC's reputation in court but also raises questions about "long-standing and fundamental case law."