Other regulators of the crypto asset industry also had strong responses to the SEC bringing an enforcement action under these circumstances. In a public statement, Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham expressed concern with the SEC's approach, characterizing it as "a striking example of 'regulation by enforcement'" and claiming that the "SEC's allegations could have broad implications beyond this single case, underscoring how critical and urgent it is that regulators work together." [7] Similar to Coinbase, Commissioner Pham advocated for rulemaking initiatives, which would benefit from a public notice-and-comment process, rather than enforcement. WHAT'S NEXT? The enforcement action brought by the SEC in SEC v. Wahi marks a novel and perhaps monumental public moment in the debate over crypto assets and their potential categorization as securities.