SEC Commissioner Hester Peirce believes the U.S. has blundered regarding regulating the nascent crypto industry.
She shared these sentiments during the D.C. Blockchain Summit earlier this week, noting that the cumulative effects of these failures are causing her sleepless nights.
According to Peirce:
There’s a lot of fraud in this space, because it’s the hot area of the moment. The other piece that does concern me is the way that we’ve sort of dropped the regulatory ball.
She added that the U.S. has failed to create a conducive environment for crypto firms to innovate and experiment in a healthy way. Peirce further noted that this failure has long-term consequences.
The SEC Commissioner went on to note:
We can go after fraud and we can play a more positive role on the innovation side, but we have to get to it, we’ve got to get working. I haven’t seen us willing to do that work so far.
Peirce’s comments come after the crypto market crashed, losing more than half a trillion d
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