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The rules were always clear, it's just that crypto people didn't like them & wanted new rules specially made for them.

Crypto exchanges were always money transmitters that were required to follow KYC regulations, ICOs were always securities & needed to follow SEC regulations. And so on & on.

Using cryptography doesn't make you magically immune to regulation.

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Agree on KYC (which has been done by most "legit" exchanges forever), but not on securities. Sure, most ICOs are securities, but the rules are pretty vague and there's a broad spectrum of tokens out there. Gensler still won't answer whether or not he considers Ether a security.

It's like if the DEA announced drug dealing was illegal but refused to provide specific guidance on whether Marijuana, Alcohol, or other substances were considered illegal drugs.

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