In a thought-provoking address at the ETHDenver Web3 hackathon, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce expressed her concerns over the regulatory body’s handling of the cryptocurrency industry.
Known for her pro-crypto stance and support for blockchain technology, Peirce lamented the lack of clear rules and the SEC’s tendency to pass judgment on cryptocurrencies as an asset class.
Peirce Urges Clearer Regulations To Foster Crypto Industry Growth
Peirce highlighted the negative impact of regulatory uncertainty on innovation, noting that developers and entrepreneurs are forced to spend “precious brainpower” trying to avoid potential legal repercussions. At the same time, the SEC has gone into “enforcement only mode” rather than focusing on building transformative solutions.
Once again, the Commissioner called for clearer regulations to allow the industry to thrive, emphasized her frustration with the SEC’s tendency to stifle innovation by treating crypto with undue skepticism, and echoed the vast industry’s calls for an improved and updated regulatory framework.
In her speech, Peirce also emphasized decentralization’s inherent strength and resilience to the financial system. At the same time, the SEC extends its oversight to decentralized finance (DeFi) solutions with new rules.
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