According to AMBCrytpo, U.S. SEC Commissioner Hester Peirce ’s proposal for a "safe harbor" for cryptocurrencies has received positive responses from many in the crypto community. However, Phil Liu, Arca's chief legal officer, said the safe harbor proposal called for decentralization within three years was a tricky issue. There is currently no comprehensive framework for checks and balances, and no framework for the crypto industry to self-regulate. Although the proposal does not exempt anyone from the anti-fraud provisions of U.S. securities laws, it is often a last resort for regulators, not industry participants. In addition, the proposal did not mention a cap on the amount of funds raised by the token issuer.