Many in the crypto industry have been calling for clear guidance from government regulators, especially as new sectors like DeFi evolve and high-profile companies collapse. Jonathan Shapiro, Complex Litigation & Dispute Resolution partner, said that SEC registration creates new challenges for companies and investors, especially because they haven't been issued explicit guidance. "There's no way to necessarily get confidence that even if you're resolving one set of exposure, then you're not going to be lamb to the slaughter under any number of other spheres," he told Fortune. Nick Losurdo, Financial Industry and Digital Currency & Blockchain partner and former SEC counsel, described the agency's approach as "broad-brushing without following up with any articulation." "We all learned in fourth and fifth grade, you can't just show your math conclusion-you've got to show the math," he said.
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