GSR Chief Legal and Strategy Officer Joshua Riezman said the latest SEC (U.S. securities regulator) proposal for a crypto-asset regulatory framework may not produce the outcome many market participants expect. He argued that, without amendments to relevant U.S. laws, regulatory exemptions available under existing securities legislation would remain limited. Riezman said clearer rules would benefit the crypto industry, but the market structure envisioned by the proposal differs significantly from that of the previous crypto-market cycle. The industry therefore needs to assess what form the framework could ultimately give to the U.S. crypto market.