SEC Commissioner Hester Peirce criticizes the SEC's "scorched-earth" approach against Lbry, arguing that it is overbroad, unclear, and could have a chilling effect on the development of the cryptocurrency industry. She also criticizes the SEC for its use of enforcement-only regulation and calls for the SEC to be more willing to provide guidance to the industry on how to comply with securities laws. Peirce's comments are a welcome reminder that the SEC should be more careful in its approach to regulating the cryptocurrency industry and should focus on providing clear guidance and working with the industry to develop a fair and effective regulatory framework.