U.S. SEC Commissioner: U.S. cryptocurrency regulation is like playing the game "the floor is lava" in the dark, and it is now time to "turn on the lights."

According to Deep Tide TechFlow news on April 27, as reported by Cointelegraph, SEC commissioner Hester Peirce stated at the SEC “Know Your Accomplice” roundtable that U.S. Financial Institutions are handling Crypto Assets business as if they are playing a game of “the floor is lava” in the dark.

Peirce explained that registrants of the SEC must treat activities related to Crypto Assets as if they were playing “the floor is lava”, aiming to jump from one piece of furniture to another without touching the ground, except here, direct contact with Crypto Assets is the lava. She said: "The Washington D.C. version of this game is our regulatory approach to Crypto Assets, particularly the custody of Crypto Assets. Due to the unclear regulatory rules, companies wanting to engage in Crypto Assets must avoid directly holding Crypto Assets.

Hester Peirce stated, “Now is the time for us to find a way to end this game. We need to turn on the lights and build some sidewalks over the lava pits.”