SEC Commissioner Stresses “The Point Of Crypto” As The Market Seeks To Recover

Key Points:

• Hester Peirce, a commissioner on the Securities and Exchange Commission (SEC), advises industry participants to keep in mind what cryptocurrency is actually all about.
• 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 said that it is up to those working in the sector to increase the value of cryptocurrencies.

After a disastrous year, Hester Peirce, a commissioner on the Securities and Exchange Commission (SEC), advises industry participants to keep in mind what cryptocurrency is actually all about.

Peirce brought out some lessons to be learnt from the problems that the crypto business had to deal with last year in a keynote at the Digital Assets at Duke conference. The commissioner claimed that 2022 was a “awful, dreadful, no good, very poor year” for authorities and the cryptocurrency industry. Peirce thought there were some important lessons to be learned from the myriad issues that cropped up last year, though. She clarified:

“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 don’t 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.”

In addition, the commissioner asked “those who believe in crypto’s future” to take action to stop harmful activities and promote ethical conduct within the industry rather than waiting for regulators to address issues.

Peirce said that it is up to those working in the sector to increase the value of cryptocurrencies. As she pointed out, “Crypto’s value proposition depends primarily on the creators of this technology, not on regulators like myself who lack technical understanding and stand on the outside looking in.”

Those who believe in the space have faced many difficulties in the past year. Despite the disasters, the industry has nonetheless made some positive strides, such as its demonstration of resistance to market pressures, which in some ways paves the way for a more solid basis.

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