Coinbase CEO - "Important for regulators to set policy and THEN enforce it. Not start with enforcement before there are clear rules"

Coinbase CEO said this in Twitter after meeting with SEC in DC.

He also said that Congress will need to intervene.

It's been an ongoing debate for a while, that the problem with SEC's regulatory rules is that they're too vague to apply to Crypto and to understand in this context. Gary Gensler himself had diffuculty trying to explain it in Congress.

In the 1946 court case it was defined as "An investment of money in a common enterprise with profits to come solely from the efforts of others; and, if that test be satisfied, it is immaterial whether the enterprise is speculative or nonspeculative, or whether there is a sale of property with or without intrinsic value"

Does profits in Crypto "come solely from the efforts of others"? I think this is where it gets a little complicated.

But people have been complaining that the rules are too old to apply to the present market and specifically to Crypto.

It's only hurt crypto, that's for sure, and Coinbase is considering moving somewhere else other than U.S. for SEC's approach to Crypto.

Curious to hear what you guys think.