Senator Cynthia Lummis has criticized the SEC for its overreach in regulating cryptocurrencies, arguing that its current approach is stifling innovation and harming consumers. Lummis specifically criticizes the SEC's use of enforcement actions and its failure to provide clear guidance. Her criticisms are echoed by many in the cryptocurrency industry, and they are gaining traction among policymakers. It remains to be seen whether the SEC will change its approach, but Lummis's criticisms are a sign that the agency is facing increasing pressure.