Wu learned that SEC Commissioner Hester Peirce has officially withdrawn the civil enforcement lawsuit against Coinbase and stated that no further action will be taken in this case. The SEC's approach of overly relying on enforcement measures rather than policy-making in the Coinbase case has led to regulatory uncertainty in the cryptocurrency industry. In addition, Peirce criticized the SEC for overly relying on the broad interpretation of the Howey test when dealing with cryptocurrency products, which has resulted in many industry participants being unable to clearly determine which products are considered securities. She stated that the current policy direction of the SEC will be promoted through the Crypto Working Group and plans to interact with the public to build a clearer regulatory framework for the crypto industry. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=38663