The cryptocurrency industry voiced its frustration with regulators' inability to provide a suitable regulatory framework for the emerging asset class at the International Futures Industry Association conference, March 13-16.

Recent enforcement actions by regulators, including the SEC, are viewed by many industry players as a hostile attack on cryptocurrency and U.S. innovation, Coindesk reported.

In a panel, "How Regulation Will Shape the Future of Crypto," Brian Quintenz, head of policy at Andreessen Horowitz and a former Commodities Futures Trading Commission (CFTC) commissioner, criticized the SEC, claiming it had gone rogue and was "completely out of control."

According to him, "The United States has to make a decision about whether or not it will embrace and support innovators in this country. There are jurisdictions that are mindful about this. That is not what we are seeing in the United States, and the clock is ticking."

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A lawsuit filed by the New York Attorney General against KuCoin alleged that Ethereum was an unregistered security.

If proven, the SEC would have oversight of the second-largest cryptocurrency by market cap.

CoinFund President Chris Perkins added that other jurisdictions, such as Hong Kong, Singapore and the U.K. were ahead of the U.S. in terms of progress.

Industry panelists expressed concern and called for regulatory clarity and a bipartisan legislative solution.

Julia Hueckel, associate general counsel at Coinbase, expressed hope in finding a solution to these issues, stating "I see bipartisan interest, and that gives me hope."

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Photo: Panchenko Vladimir via Shutterstock