Ripple CTO David Schwartz criticized the SEC for neglecting to outline specific regulations for cryptocurrencies. Schwarz made his remarks in response to Coinbase's chief legal officer Paul Grewal's declaration that the SEC must establish fair regulations for cryptocurrencies in the US. He added that rulemaking and legislation are better ways to define the law for the industry than enforcement actions and that the SEC has not been fair or reasonable in their engagement on digital assets.