"What we're trying to do with the enforcement cases is look at them on a facts and circumstances basis," said Peirce. "We didn't have a clear set of rules. There were a lot of questions about how this particular activity in the crypto space intersected with our existing securities laws."
The commissioner added, "We're trying to take a step back, use our regulatory tools to write those rules, and then enforce those rules."
But Peirce made clear that loosening enforcement doesn't mean open season for scammers. "It is not time for people to think, 'I have a free pass to go rip people off in the name of crypto.' That is not the case."