• Key insight: Critics of the proposed SEC rules warned that they could weaken investor protections and eliminate state oversight.
• What’s at stake: As the SEC moves to establish a regulatory framework for crypto, industry insiders warn that the rules may lack the permanence of legislation passed by Congress.

The Securities and Exchange Commission’s proposed rules to ease fundraising steps for crypto firms faced pushback from investor and consumer protection groups and state regulators.

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Commentators on the proposed rules, dubbed “Regulation Crypto Assets,” including The California Department of Financial Protection and Innovation, Better Markets and Americans for Financial Reform Education Fund, raised concerns about…