Crypto Mom Hits Back at SEC Chair’s ‘Wild West’ Analogy
The crypto mom has hit back on SEC chairman Gary Gensler’s comments when comparing Bitcoin to the “Wild West” and said it could offer a different angle for reference, so read on on our latest bitcoin news today .
SEC Commissioner Hester Peirce aka Crypto Mom spoke at the Texas Blockchain Summit and discussed some of the SEC chairman’s statements when he compared Bitcoin and other cryptocurrencies to Wild West. Mother Crypto protested, using metaphors to show how similar crypto and the Wild West are in that people created places that they want to use and build a new future in one place. She spoke about an ongoing path to regulate cryptocurrencies that is being promoted by those looking to break away from state corporations:
“The western border is a place for the adventurous, the rough, the idealistic, the free-spirited and the restless.”
If the government wants to pass a law on cryptocurrencies, it must act legally: https://t.co/bFbwgDGgkp
– Hester Peirce (@HesterPeirce) October 12, 2021
The crypto industry is also a risky place and has some difficulties facing communities looking to create this new world. She even explains the Wild West as a place that enables people to find order and organization beyond the reach of the public sector:
“The cryptocurrency frontier, like the Wild West, looks pretty wild at first glance: Where there are many crypto traders and speculators and also some fraudsters, in this New West there are also wars between the two hardships and successes, colorful personalities, Passions, dreams, hardships, spectacular failures and remarkable victories. “
The commissioner described a comparative picture of cryptocurrencies and the industry as a whole in contrast to SEC chairman Gary Gensler and others in the government who also tried to envision it. Peirce describes it as an area that is able to create its own standards. Added crypto mom:
“Since cryptocurrency is based on code, the code itself acts as a behavior regulator. But cryptocurrencies are also built on people, and these people hold themselves accountable not only through unrestricted public discourse, but also through the use or absence of a protocol.
Peirce continued to question the legal clarity regarding cryptocurrencies and the seemingly clear stance, but action against these projects proved to be even more complicated in practice.
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