Securities and Exchange Commissioner Hester Peirce highlighted that despite a very bad year, there are lessons for the crypto industry to learn. 1956 Total views 30 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT Hester Peirce, a commissioner on the Securities and Exchange Commission (SEC), said that after a terrible year, industry players need to remember what crypto is really about.
In a speech at the Digital Assets at Duke conference, Peirce laid down some lessons to be learned from the issues that the crypto industry had to face last year. According to the commissioner, 2022 was a terrible, horrible, no good, very bad year for both the crypto space and regulators. However, Peirce believed there were valuable takeaways from the series of problems that arose last year. She explained: Underlying these lessons is the truth that technology takes time to develop and often must combine with innovative developments in other fields to realize its full potential.
In addition, the SEC commissioner underscored that the industry must always keep in mind that crypto is not about driving the prices up and dumping tokens to someone else. Peirce highlighted that the industry must remember that the underlying technology is about solving a trust problem and how people can interact and transact with people they dont know. She explained that: Traditionally, people have looked to centralized intermediaries or government to solve this problem, but technology like cryptography, blockchain and zero-knowledge proofs offer new solutions.
Apart from this, the commissioner also urged people who believe in cryptos future not to wait for regulators to fix problems but instead act to stamp out harmful practices and encourage good behavior within the industry.
Peirce also said that its up to people within the industry to develop cryptos value. Cryptos value proposition depends primarily on the builders of this technology, not on regulators like me, who lack technical expertise and stand on the periphery looking in, she noted.
Related: Former SEC chief blasts bogus catchphrase: Regulation by enforcement
The last year was filled with challenges for those who believe in the space. Despite the catastrophes, there are still some good accomplishments for the space, like its display of resilience against market challenges that somehow sets the stage for a stronger foundation. #Conference #SEC #Regulation Related News What is impermanent loss and how to avoid it? Amid crypto winter, central banks rethink in-house digital currencies Ripple CEO: XRP lawsuit resolved by June, SEC conduct embarrassing Nexo agrees to $45M settlement with SEC and states over Earn product SEC charges Mango Markets exploiter for allegedly stealing $116M in crypto
