Hester Peirce, Commissioner of the Securities and Exchanges Commission (SEC) pointed out six key lessons in a recent speech that industry players must 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 in 2022. 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 are valuable takeaways from the series of problems that arose last year. She explained:
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 don’t know. She explained that:
Apart from this, the commissioner also urged “people who believe in crypto's future" to not wait for regulators to fix the problems but act to get harmful practices out and encourage good behavior within the industry.
Peirce also said that it’s up to people within the industry to develop crypto’s value. “Crypto’s 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.
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