For William Mougayar, advisor to the Ethereum foundation, and famous writer about blockchain topics, one of the main problems hindering the move towards legal adoption of cryptocurrencies is the fact that the authorities do not really know how they work.
In an interview for CNBC, Mougayar mentioned that the SEC, one of the leading authorities with regulatory powers affecting the crypto matters, is trying to adapt to the accelerated pace at which cryptos are evolving:
The SEC is still trying to educate themselves, not just educate the public.
Mougayar also criticized the current position of the SEC, which seeks to create a general category for all tokens and cryptocurrencies:
Right now they are still grappling with it, and for them, the box that they play in is that they see all these cryptocurrencies as a security.