The U.S. Securities and Exchange Commission (SEC) has issued a cease and desist order against the cryptocurrency exchange ShapeShift, following allegations of operating as an unregistered securities dealer. ShapeShift has agreed to settle the charges by paying a $275,000 fine and committing to refrain from future violations of the Securities Exchange Act. The settlement has sparked a dissent from SEC Commissioners Hester Peirce and Mark Uyeda, who criticized the SEC's approach to regulating the crypto industry and its failure to specify which crypto assets were considered securities in the ShapeShift case. Their dissent highlights the challenges faced by companies and legal professionals within the digital asset space in the U.S. and mocks the SEC's call for crypto firms to register, suggesting a disconnect between regulatory expectations and industry realities.