William Mougayar, author of "The Business Blockchain" and advisor to the Ethereum Foundation, said in an interview with CNBC May 18, that regulators lack a foundational understanding of cryptocurrencies.
Speaking to CNBC, Mougayar explained that in an attempt to regulate digital currencies, the US Securities and Exchange Commission (SEC) lacks an understanding of the core nature of the industry, trying to apply a one-size-fits-all approach.
The SEC is still trying to educate themselves, not just educate the public … Right now they are still grappling with it and for them the box that they play in is that they see all these cryptocurrencies as a security. But in reality not everything is a security. They want everything to play in that box.