PANews reported on May 28 that according to Crowdfundinsider, the North American Securities Administrators Association submitted an 11-page principle proposal for cryptocurrency regulation to the US SEC, proposing five core requirements: 1) Investor protection should be the core of regulation; 2) Establish a simple and easy-to-understand risk disclosure mechanism; 3) Adopt an adjustable exemption framework; 4) Retain the anti-fraud authority of each state; 5) Support innovation while fighting crime. The document responded to the regulatory reform initiative of SEC Commissioner Hester Peirce, emphasizing the need to maintain the law enforcement power of each state. NASAA represents the securities regulatory agencies of the United States, Canada and Mexico. The SEC is currently brewing new regulatory rules for digital assets.