Republican lawmakers in the United States are hoping that the SEC will establish a regulatory framework for cryptocurrencies.

According to a BlockBeats report on November 7th, Mark Uyeda, a Republican congressman and SEC commissioner, stated that the SEC needs to consider proposing rules or guidance to regulate cryptocurrencies, rather than taking a more enforcement approach. This Republican member stated that the SEC could have taken measures to assist in the development of cryptocurrency laws but did not do so. "Unfortunately, the SEC did not take this approach and instead took a case-by-case approach through enforcement actions. Therefore, it will take years to form any legally binding precedents, as matters must go through a series of procedures before reaching the level of the appellate court."