Many in the crypto industry have been calling for clear guidance from government regulators, especially as new sectors like DeFi evolve and high-profile companies collapse. Jonathan Shapiro, Complex Litigation & Dispute Resolution partner, said that SEC registration creates new challenges for companies and investors, especially because they haven’t been issued explicit guidance. “There’s no way to necessarily get confidence that even if you’re resolving one set of exposure, then you’re not going to be lamb to the slaughter under any number of other spheres,” he told Fortune.