Scott Walker, chief compliance officer at a16zcrypto, and Bill Hinman, advisory partner, said the SEC should take immediate, easy-to-implement adjustments to create fit-for-purpose regulations without sacrificing innovation or critical investor protections. While legislation is necessary to provide adequate regulatory clarity on crypto asset classification and secondary market oversight, these measures will bring immediate benefits to the market., the specific measures are as follows: 1. Provide explanatory guidance on "airdrops" and other incentives; 2. Amend the rules for crowdfunding exemption issuance; 3. Enable broker-dealers to operate cryptoassets and securities. 4. Provide custody and settlement guidance; 5. Reform the ETP standard; 6. Implement 15c2-11 certification for the listing of coins on alternative trading systems. By taking these key steps, the SEC can begin to move away from its historically contentious enforcement priorities and add much-needed regulatory guidance and practical solutions for investors, trustees and financial intermediaries, the a16z said. This will better balance protecting investors with promoting capital formation and innovation.