GSR's legal and strategy chief says SEC's new crypto rules may be overestimated

Joshua Riezman, GSR’s chief legal and strategy officer, said on X that the SEC’s latest proposed crypto-asset framework may not deliver the effect many market participants expect. He argued that, without changes to U.S. law, the SEC remains limited in the exemptions it can grant under existing securities law. Riezman added that clearer rules would be positive for the industry, but said the market structure targeted by the proposal differs materially from the last crypto cycle. He said the industry still needs to understand where the new framework would ultimately lead the U.S. crypto market.